九阳股份:九阳股份有限公司2026年第三季度报告英文版

Ticker: 002242 StockAbbreviation: Joyoung
Joyoung Co., Ltd.

Interim Report of the Third Quarter 2026

The Company and all members of the Board of Directors have guaranteed that the information disclosed is true,
accurate and complete, and contains no false record, misleading statements or material omissions.

Important notes:

Board of Directors, all the directors and senior management staff of Joyoung Co., Ltd. (hereinafter referred to as the “Company”) have
guaranteed that this Report contains no false record, misleading statement or material omission and shall be jointly and severally liable for the
factuality, accuracy and completeness of the information given in this Report.

CEO of the Company, CFO of the Company, and ChiefAccountant ofAccounting Institution, declared that the quarterly financial statements
should be true, accurate and complete.

In case of any discrepancy, the Chinese version of the report shall prevail.

Whether the third quarterly report was audited

□ Yes √ No

I. KeyAccounting Data and Financial Indicators

1. KeyAccounting Data and Financial Indicators

Whether the Company performed a retroactive adjustment to or restatement of accounting data

□Yes ☑No

From 1 July 2026 to From 1 January

30 September 2026 YoY Change 2026 to 30 YoY Change
September 2026

Operating revenues (RMB Yuan) 1,562,832,215.42 -2.21% 5,051,975,366.15 -9.55%
Net profits attributable to shareholders of the Company 216,345.97 -74.69% 71,989,503.25 -41.75%
(RMB Yuan)

Net profits attributable to shareholders of the Company 2,284,825.15 -57.92% 76,713,723.71 -60.14%
before non-recurring gains and losses (RMB Yuan)

Net cash flow from operating activities (RMB Yuan) — — -148,488,073.13 -142.79%

Basic earnings per share (RMB Yuan /share) 0.0003 -72.73% 0.10 -37.50%
Diluted earnings per share (RMB Yuan /share) 0.0003 -72.73% 0.10 -37.50%
Weighted average return on net assets Decreased by Decreased by
0.01% 0.01 percentage 2.15% 1.40percentage
points points
30 September 2026 31 December 2025 Change(%) between 31 December
2025 and 30 September 2026

Total assets (RMB) 6,658,346,703.37 7,794,224,747.51 -14.57%
Net assets attributable to shareholders of the Company 3,223,229,951.26 3,433,241,112.10 -6.12%
(RMB)

2. Non-recurring gain and loss items and amounts thereof

√ Applicable □Not applicable

Unit: RMB
Item From 1 July 2026 to From 1 January 2026 Note

30 September 2026 to 30 September 2026

Profit or loss from disposal of non-current assets (including the -58,019.81 -4,515,568.20

write off of the provision for impairment of assets)

Government grants included in the current profit or loss (except

for government grants that are closely related to the Company's

normal business operations, comply with national policies, are 586,724.01 7,829,672.17

enjoyed in accordance with determined standards, and have a

continuous impact on the company's profit and loss)

Gains or losses from changes in fair value arising from the

holding of financial assets and financial liabilities by non-financial

enterprises, and gains and losses arising from the -2,299,030.81 -7,201,217.85

disposal of financial assets and financial liabilities, excluding the

effective hedging business related to the Company’s normal

business operations

Other non-operating income or expenses except the above items -1,113,727.30 -1,976,259.22

Less: Impact of income taxes -815,574.73 -1,139,152.64

Total -2,068,479.18 -4,724,220.46 --

Other details of profit and loss items that meet the definition of non-recurring profit or loss

□Applicable √ Not applicable

NotApplicable to the Company.

Explain the reasons

if the Company classifies any non-recurring gain/loss item mentioned in the <ExplanatoryAnnouncement No. 1 on

Information Disclosure for Companies Offering Their Securities to the Public—Non-Recurring Gains and Losses> as a recurring gain/loss item

□Applicable √ Not applicable
NotApplicable to the Company.

3. Changes in key accounting data and financial indicators and reasons for such changes

√ Applicable □Not applicable

Unit: RMB

Change(%) between 31

Item 30 September 2026 31 December 2025 December 2025 and 30 Notes

September 2026

Trading financial assets 16,500,000.00 100.00%Mainly due to the purchase of structured
deposits in the current period

Notes receivable 267,218,642.58 474,242,692.64 -43.65%Mainly due to the maturity of notes during
the current period

Mainly due to an increase in prepayments
Prepaid expenses 59,159,007.63 39,155,130.21 51.09%for raw materials under price-lock
arrangements during the reporting period
Mainly due to an increase in receivables
Long-term receivables 15,931,500.00 11,863,000.00 34.30%from equity transfers during the reporting
period

Construction in progress 2,773,992.47 1,077,254.78 157.51%Mainly due to an increase in other
miscellaneous construction projects

Other non-current assets 202,604,999.14 100.00%Mainly due to the purchase of certificates of
deposit during the current period

Payroll payable 33,975,172.53 112,707,094.22 -69.86%Mainly due to the payment of year-end
bonuses during the current period

Mainly due to a decrease in endorsed bank
Other current liabilities 31,724,279.04 45,623,089.36 -30.46%acceptance bills that have not been
derecognized during the reporting period

Treasury stock 90,014,797.00 100.00%Mainly due to the repurchase of the
Company's shares

Mainly due to the decline in exchange rates
Other comprehensive income -83,990,839.73 729,415.64 -11,614.81%during the current period, resulting in
increased losses from the translation of
foreign currency financial statements

From 1 January 2026 to From 1 January

Item 30 September 2026 2025 to 30 YoY Change Note

September 2025

Mainly due to a decrease in losses arising
Gain on changes in fair value -12,799,046.75 -91,300,324.29 85.98%from changes in the fair value of fund
investments

Mainly due to the decrease in the bad debt
Credit impairment losses -650,587.53 -2,260,506.41 71.22%provision for accounts receivable during the
current period

Mainly due to a decrease in gains on
Gains on disposal of assets 90,824.50 414,427.92 -78.08%disposal of long-term assets during the
current period

Income tax expenses -18,384,449.51 1,250,942.61 -1569

.65%Mainly due to a decrease in total profit
during the current period

Net cash flows from operating Mainly due to a decrease in cash receipts
activities -148,488,073.13 347,031,788.32 -142.79%from the sale of goods and the rendering of
services during the current period

Net cash flows from investing -228,057,166.90 41,416,700.92 -650.64%Mainly due to the purchase of structured
activities deposits in the current period

Net cash flows from financing -227,787,288.62 -134,763,427.93 -69.03%Mainly due to the repurchase of the
activities Company's shares

Effect of exchange rate Mainly due to the decline in exchange rates
changes on cash and cash -81,319,054.96 -11,784,831.75 -590.03%during the current period

equivalents
II. Shareholder Information

1. Total number of common shareholders and number of preferred shareholders whose voting rights were resumed,

shareholdings of the top ten common shareholders at the period-end

Unit: share

Total number of common shareholders at the end 48,107 Total number of preferred shareholders with resumed 0
of the Reporting Period voting rights at the end of the Reporting Period (if any)

Top 10 common shareholders（excluding lending and transfer of shares business）

Nature of Shareholding Total shares Number of Pledged or frozen shares

Name of shareholder shareholder percentage held at the restricted Status Number

period-end shares held

Shanghai Lihong Enterprise Domestic non-

Management Co., Ltd. state-owned 50.40% 384,523,746 0 N/A 0
corporation

JS Global Capital Management Foreign 17.03% 129,924,090 0 N/A 0
Limited corporation

Joyoung ESOP Plan (Phase 1) Others 2.01% 15,313,800 0 N/A 0
Joyoung ESOP Plan (2026) Others 1.40% 10,710,170 0 N/A 0
Hong Kong Securities Clearing Foreign 0.49% 3,700,774 0 N/A 0
Co., Ltd. corporation

CPIC-Dividend-Personal Others 0.40% 3,045,512 0 N/A 0
Dividend

Li Ling Domestic 0.35% 2,688,700 0 N/A 0
Natural Person

Fengkai Liu Domestic 0.26% 1,979,870 0 N/A 0
Natural Person

Bank of China Limited - GF

CSI Pension Industry Index Others 0.25% 1,891,000 0 N/A 0
Initiated Securities Investment

Fund

Yingxin Wang Domestic 0.24% 1,864,800 0 N/A 0
Natural Person

Top 10 non-restricted common shareholders

(excluding lending and transfer of shares business, excluding executive restricted shares)

Name of shareholder Number of non-restricted Type of shares

shares held Type of shares Number

Shanghai Lihong Enterprise Management Co., Ltd. 384,523,746 RMB common stock 384,523,746
JS Global Capital Management Limited 129,924,090 RMB common stock 129,924,090
Joyoung ESOP Plan (Phase 1) 15,313,800 RMB common stock 15,313,800
JoyoungESOPPlan(2026) 10,710,170 RMB common stock 10,710,170
Hong Kong Securities Clearing Co., Ltd. 3,700,774 RMB common stock 3,700,774
CPIC-Dividend-Personal Dividend 3,045,512 RMB common stock 3,045,512
Li Ling 2,688,700 RMB common stock 2,688,700
Fengkai Liu 1,979,870 RMB common stock 1,979,870

Bank of China Limited - GF CSI Pension Industry Index Initiated 1,891,000 RMB common stock 1,891,000
Securities Investment Fund

Yingxin Wang 1,864,800 RMB common stock 1,864,800

In April 2019, the shareholding structure of BILTING
DEVELOPMENTS LIMITED changed. MR. Xuning WANG, the actual
controller of the Company, became the actual controller of BILTING
DEVELOPMENTS LIMITED (See Report No. 2019-027 of the Company
on www.chinainfo.com.cn.). As a result, Shanghai Lihong Enterprise
Management Co., Ltd. and BILTING DEVELOPMENTS LIMITED, both
controlled by Mr. Xuning WANG, are defined as acting-in-concert parties
by the Administrative Measures for the Takeover of Listed Companies.
Other than the aforementioned related and acting-in-concert parties, the
Related or acting-in-concert parties among shareholders above Company is uncertain about whether there are related or acting-in-
concert parties among shareholders above.

In July 2024, BILTING DEVELOPMENTS LIMITED changed its
name to JS Global Capital Management Limited, which is still a party
acting in concert with the controlling shareholder of the Company,
Shanghai Lihong Enterprise Management Co., Ltd. The aforementioned
change does not involve any equity change of the Company ’ s
controlling shareholder and has no impact on the Company's operating
activities, and there has been no change in the Company's controlling
shareholder and de facto controller.

Explanation on top 10 shareholders participating in securities Fengkai Liu holds 21,300 shares of the Company through an ordinary
margin trading (if any) securities account and 1,958,570 shares through a credit securities
account, with a total of 1,979,870 shares of the Company.

Shareholders holding more than 5% of shares, top 10 shareholders and top 10 shareholders with non-restricted shares outstanding participating
in the lending and transfer of shares business

□Applicable √ Not applicable

Top 10 shareholders and top 10 shareholders with non-restricted shares outstanding changed from the previous period due to

lending/repatriation in the lending and transfer of shares business

□Applicable √ Not applicable

2. Total Number of Preferred Shareholders and TOP 10 Preferred Shareholders and Their Shareholdings

□Applicable √ Not applicable
III. Other Significant Events
□Applicable √ Not applicable

IV. Quarterly Financial Statements
1. Financial Statements
1.1 CONSOLIDATED BALANCE SHEET
Prepared by: Joyoung Co., Ltd.

30 September 2026

Unit: RMB
Item 30 September 2026 1 January 2026

Current assets:

Cash at bank and on hand 2,906,137,086.51 3,802,344,068.96
Deposit reservation for balance

Lending funds

Trading financial assets 16,500,000.00

Derivative financial assets

Notes receivable 267,218,642.58 474,242,692.64
Accounts receivable 591,345,215.12 844,530,212.00
Receivables financing 368,871,576.94 366,229,143.46
Prepaid expense 59,159,007.63 39,155,130.21
Premium receivable

Reinsurance accounts receivable

Provision of cession receivable

Other receivables 18,110,190.28 14,962,889.22
Including: Interest receivable

Dividend receivable

Redemptory monetary capital for sale

Inventories

553,974,374.72 536,531,279.01
Including: Data Resource

Contract assets

Holding assets for sale

Current portion of non-current assets

Other current assets 127,937,780.41 104,591,571.53
Total current assets 4,909,253,874.19 6,182,586,987.03
Non-current assets:

Issuance of loans and advances

Equity expense

Other equity investments

Long-term receivables 15,931,500.00 11,863,000.00
Long-term equity investments 92,283,999.01 125,823,796.35
Investments in other equity instruments 264,358,736.49 282,857,131.24
Other non-current financial assets 201,849,229.68 216,690,768.42
Investment properties 97,961,921.84 107,968,662.27
Fixed assets 515,480,351.96 553,197,700.08
Construction in progress 2,773,992.47 1,077,254.78
Productive biological asset

Oil and gas assets

Right-of-use assets 50,657,030.53 21,809,903.49
Intangible assets 109,783,720.56 113,471,329.64
Including: Data Resource

Development expenditures

Including: Data Resource

Goodwill

Long-term prepaid expenses 1,503,526.34 1,654,874.93
Deferred tax assets 193,903,821.16 175,223,339.28
Other non-current assets 202,604,999.14

Total non-current assets 1,749,092,829.18 1,611,637,760.48

Item 30 September 2026 1 January 2026

TOTALASSETS 6,658,346,703.37 7,794,224,747.51
Current liabilities:

Short-term borrowings

Loans from the central bank

Loans from other banks

Trading financial liabilities

Derivative financial liability

Notes payable 1,618,647,920.38 2,004,702,049.92
Accounts payable 1,092,678,414.02 1,509,032,583.11
Unearned revenue

Contract liabilities 243,265,053.18 227,229,133.62
Financial assets sold for repurchase

Deposits from customers and interbank

Receivings from vicariously traded securities

Receivings from vicariously sold securities

Payroll payable 33,975,172.53 112,707,094.22
Tax payable 32,211,749.33 25,623,201.76
Other payables 146,402,731.28 220,521,260.97
Including: Interest payable

Dividend payable

Handling fees and commissions payable

Dividend payable for reinsurance

Holding liabilities for sale

Current portion of non-current liabilities 29,295,559.35 19,396,898.18
Other current liabilities 31,724,279.04 45,623,089.36
Total current liabilities 3,228,200,879.11 4,164,835,311.14
Non-current liabilities

Reserve fund for insurance contracts

Long-term borrowings

Bonds payable

Including: Preferred stock

Perpetual bonds

Lease liabilities 21,710,821.80 3,085,096.72
Long-term payables

Long-term payroll payable

Accrued liabilities 2,722,099.90 3,292,941.91
Deferred income 4,385,580.84 6,762,106.67
Deferred tax liabilities 10,112,239.71 12,121,387.95
Other non-current liabilities

Total non-current liabilities 38,930,742.25 25,261,533.25
Total liabilities 3,267,131,621.36 4,190,096,844.39
Shareholders’ equity

Share capital 763,017,000.00 763,017,000.00
Other equity instruments

Including: preferred stock

Perpetual bond

Capital surplus 583,570,363.05 576,383,424.77
Less: Treasury stock 90,014,797.00

Other comprehensive income -83,990,839.73 729,415.64
Special reserve

Surplus reserve 397,820,873.71 397,820,873.71
General risk reserve

Undistributed profits 1,652,827,351.23 1,695,290,397.98
Total equity attributable to shareholders of the Company 3,223,229,951.26 3,433,241,112.10
Minority interests 167,985,130.75 170,886,791.02

Item 30 September 2026 1 January 2026

Total shareholders’equity 3,391,215,082.01 3,604,127,903.12
TOTAL LIABILITIESAND SHAREHOLDERS’ EQUITY 6,658,346,703.37 7,794,224,747.51
Legal representative: Ningning Yang Principal in charge of accounting: Jiangang Kan Head of accounting department: Wen Guo
1.2 CONSOLIDATED INCOME STATEMENTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2026

Unit: RMB

Item For the nine months ended For the nine months ended
30 September 2026 30 September 2025

Total revenue 5,051,975,366.15 5,585,101,782.36
Including: Operating revenue 5,051,975,366.15 5,585,101,782.36
Interest income

Earned Premium

Handling fees and commission income

Total operating cost 5,028,252,081.42 5,416,157,788.49

Including: Cost of sales 3,812,339,258.56 4,081,807,308.60

Interest expense

Handling fees and commission expenses

Surrender value

Net payments for insurance claims

Net provision for insurance liability

Bond insurance expense

Amortized Reinsurance Expenditures

Taxes and surcharges 22,541,675.21 25,679,249.64
Selling and distribution expenses 838,268,247.86 913,987,815.91

General and administrative expenses 228,186,537.80 237,730,172.68

Research and development expenses 175,101,579.58 217,921,422.17

Financial income -48,185,217.59 -60,968,180.51

Including: Interest expenses 1,576,507.82 961,964.09

Interest income 59,996,449.03 65,292,707.66

Add: Other income 27,552,795.90 24,126,964.11

Investment income/(loss) 24,989,767.49 30,002,717.80

Including: Investment income from associates and joint ventures -1,196,577.81 -850,960.62

Profits or losses arising from derecognition of financial

assets measured at amortized costs

Foreign exchange gains/(losses)

Net exposure to hedging gains/(losses)

Gains/(Losses) on changes in fair value -12,799,046.75 -91,300,324.29

Credit impairment losses -650,587.53 -2,260,506.41
Asset impairment losses -2,710,417.84 -2,220,476.93
Gain on disposal of assets 90,824.50 414,427.92
Operating profit 60,196,620.50 127,706,796.07
Add: Non-operating income 1,005,086.06 3,877,589.08
Less: Non-operating expenses 3,294,518.45 6,791,307.79
Total profit

57,907,188.11 124,793,077.36
Less: Income tax expenses -18,384,449.51 1,250,942.61
Net Profit 76,291,637.62 123,542,134.75

Item For the nine months ended For the nine months ended
30 September 2026 30 September 2025

(1) Classified by continuity of operations

Net profit from continuing operations 76,291,637.62 123,542,134.75
Net profit from discontinued operations

(2) Classified by ownership of the equity

Attributable to shareholders of the Company 71,989,503.25 123,585,667.57
Minority interests 4,302,134.37 -43,532.82
Other comprehensive income, net of tax -91,924,050.01 -19,609,315.33
Other comprehensive income attributable to equity owners of the Company, -84,720,255.37 -19,609,315.33
net of tax

(1) Other comprehensive income items which will not be reclassified -17,298,394.75 -2,912,581.45
subsequently to profit or loss

1) Changes arising from remeasurement of defined benefit plan

2) Other comprehensive income that cannot be transferred to profit or loss

under the equity method

Changes in fair value of investments in other equity instruments -17,298,394.75 -2,912,581.45
Changes in fair value of an enterprise's own credit risk

5) Others

(2) Other comprehensive income items which will be reclassified -67,421,860.62 -16,696,733.88
subsequently to profit or loss

1) Other comprehensive income available for transfer to profit or loss under

the equity method

2) Changes in fair value of other debt investments

3) Reclassification of financial assets to other comprehensive income

4) Provision for credit impairment of other debt investments

5) Cash flow hedge reserve

6)Differences on translation of foreign currency financial statements -67,421,860.62 -16,696,733.88
7)Others

Other comprehensive income attributable to minority shareholders, net of tax -7,203,794.64

Total comprehensive income -15,632,412.39 103,932,819.42
Attributable to equity owners of the Company -12,730,752.12 103,976,352.24
Attributable to minority interests -2,901,660.27 -43,532.82
Earnings per share:

(1) Basic earnings per share 0.10 0.16
(2) Diluted earnings per share 0.10 0.16
In the case of a business combination under the same control in the current period, the net income realized by the party being consolidated
before the combination was: RMB 0.00, and the net income realized by the party being consolidated in the previous period was: RMB 0.00.

Legal representative: Ningning Yang Principal in charge of accounting: Jiangang Kan Head of accounting department: Wen Guo
1.3 CONSOLIDATED CASH FLOW STATEMENTS

Unit: RMB
Item For the nine months ended For the nine months ended
30 September 2026 30 September 2025

1. Cash flows from operating activities

Cash received from sales of goods or rendering of services 6,060,523,541.63 6,744,278,169.06
Net increase in customer deposits and deposits from banks and

other financial institutions

Net decrease in deposits with the Central Bank

Net decrease in deposits with other financial institutions

Cash received from premiums of original insurance contracts

Item For the nine months ended For the nine months ended
30 September 2026 30 September 2025

Net cash received from reinsurance operations

Net increase in policyholders' savings and investment funds

Cash received from interest, fee and commission

Net increase in borrowed funds

Net increase in funds for repurchase operations

Net cash received from agency purchases and sales of securities

Refund of taxes and surcharges

52,508,354.54 178,222,221.19

Cash received relating to other operating activities 371,566,617.79 488,534,723.71
Sub-total of cash inflows 6,484,598,513.96 7,411,035,113.96
Cash paid for goods and services 5,135,181,354.24 5,304,871,606.36

Net increase in loans and advances to customers

Deposits from banks and other financial institutions

Cash payment of benefits from the original insurance contract

Net increase in funds removed

Cash paid for interest, fee and commission

Cash paid as policy dividends

Cash paid to and on behalf of employees 483,436,901.98 510,539,319.16
Payments of taxes and surcharges 154,206,148.64 120,268,260.80
Cash paid relating to other operating activities 860,262,182.23 1,128,324,139.32
Sub-total of cash outflows 6,633,086,587.09 7,064,003,325.64
Net cash flows from operating activities -148,488,073.13 347,031,788.32
2. Cash flows from investing activities

Cash received from disposal of investments 5,616,100.00 38,917,115.00
Cash received from returns on investments 30,479,564.83 30,853,678.42
Net cash received from disposal of fixed assets, intangible assets 402,616.34 1,275,843.39
and other long-term assets

Net cash received from disposal of subsidiaries and other business 63,052,394.80
units

Cash received relating to other investing activities 2,180,721,292.41 211,293,656.31
Sub-total of cash inflows 2,217,219,573.58 345,392,687.92
Cash paid to acquire fixed assets, intangible assets and other 6,366,427.01 5,280,881.60
long-term assets

Cash paid to acquire investments 122,000,000.00
Net increase in pledged loans

Net cash paid to acquire subsidiaries and other business units

Cash paid relating to other investing activities 2,438,910,313.47 176,695,105.40
Sub-total of cash outflows 2,445,276,740.48 303,975,987.00
Net cash flows from investing activities -228,057,166.90 41,416,700.92
3. Cash flows from financing activities

Cash received from capital contributions 15,855,018.00
Including: Cash received from capital contributions by minority 15,855,018.00
shareholders of subsidiaries

Cash received from borrowings

Cash received relating to other financing activities

Sub-total of cash inflows 15,855,018.00
Cash repayments of borrowings

Cash payments for interest expenses and distribution of dividends 114,452,550.00 114,452,550.00
or profits

Including: Cash payments for dividends or profit to minority

shareholders of subsidiaries

Item For the nine months ended For the nine months ended
30 September 2026 30 September 2025

Cash payments relating to other financing activities 113,334,738.62 36,165,895.93
Sub-total of cash outflows 227,787,288.62 150,618,445.93
Net cash flows from financing activities -227,787,288.62 -134,763,427.93
4. Effect of foreign exchange rate changes on cash -81,319,054.96 -11,784,831.75
and cash equivalents

5. Net increase in cash and cash equivalents -685,651,583.61 241,900,229.56
Add: Cash and cash equivalents at the beginning of the period 3,379,483,355.79 2,309,238,593.71
6. Cash and cash equivalents at the end of the period 2,693,831,772.18 2,551,138,823.27
2.Adjustments to items related to financial statements at the beginning of the year of first-time implementation of new

accounting standards from 2026 onwards
□Applicable √ Not applicable
3. Auditing Report