Seven consecutive years of losses fail to deter foreign investment! ASD's cookware core business under pressure, while the company bets big on the new robotics赛道.

Recently, cookware-listed company ASD (002403.SZ) released its 2026 third-quarter report: revenue for the first three quarters totaled RMB 2.075 billion, up 6.21% year-on-year; net profit attributable to shareholders was a loss of RMB 142 million, widening by 141.30% year-on-year; and non-recurring net profit was a loss of RMB 178 million, widening by 137.43% year-on-year. Yinxing Finance noted that this marks ASD’s seventh consecutive year of negative non-recurring net profit since 2020, with cumulative losses exceeding RMB 1.2 billion. Reviewing the causes, sustained pressure on the cookware core business—especially in overseas markets—combined with sharply rising domestic marketing expenses and continuous strategic investment in robotics, collectively drove the expansion of losses. Notably, persistent losses have not entirely dampened capital market interest: Goldman Sachs International increased its stake, and two additional institutions entered as new investors, betting on the company’s transformation into the robotics sector. 01 Seven Years of Continuous Losses, Cookware Core Business Under Pressure Viewed over the longer term, ASD’s losses are not sudden but rather the result of prolonged downward pressure on its core business coupled with ongoing strategic investment. Modest revenue recovery in the first three quarters has failed to offset continuously expanding operating expenses, resulting in widening losses. On a quarterly basis, Q3 showed some marginal improvement. Revenue for Q3 alone reached RMB 724 million, up 5.88% year-on-year; net loss attributable to shareholders narrowed by 20.82% year-on-year to RMB 48.92 million; however, non-recurring net loss widened by 10.72% year-on-year to RMB 74.08 million. This marginal profitability improvement stemmed primarily from non-recurring items: property disposal generated gains of RMB 19.30 million, and government subsidies recognized in the current period amounted to RMB 6.88 million. In terms of cash flow, net cash flow from operating activities for the first three quarters stood at -RMB 59.34 million, down 73.98% year-on-year—mainly due to slower accounts receivable collection and increased raw material inventory. In fact, the company’s losses have persisted for many years. Data show that non-recurring net profits for 2020–2025 and Q3 2026 were -RMB 184 million, -RMB 132 million, -RMB 99 million, -RMB 400 million, -RMB 35 million, -RMB 239 million, and -RMB 178 million respectively—totaling over RMB 1.2 billion in cumulative losses across six and a half years. The root cause of these losses lies in the sustained decline of the cookware core business. Over 70% of the company’s revenue comes from cookware. Cookware revenue peaked at RMB 2.711 billion in 2021 but had fallen to RMB 1.887 billion by 2025—a drop of over 30% in just four years. The primary driver behind this decline is weakening overseas demand, impacted by U.S. tariff policy volatility and softening global consumer spending, leading to shrinking export orders and a steadily declining share of export revenue. To offset the export slump, the company has persistently ramped up marketing investment in the domestic market, causing sales expenses to rise sharply. In the first three quarters of 2026, sales expenses reached RMB 440 million, up 16.70% year-on-year—far outpacing revenue growth. Meanwhile, administrative and R&D expenses stood at RMB 157 million and RMB 124 million respectively, up 1.76% and 12.34% year-on-year. The rigid growth in expenses further eroded an already thin profit margin.

Performance of kitchen small-appliance enterprises diverged in Q3 2025, with high-quality products gaining strong market favor.

In recent years, with the rise of the self-media industry, numerous kitchen small appliances have frequently appeared in short-video content—and gone viral online. Recently, Q3 2025 financial reports from kitchen small-appliance enterprises have been陆续 released, revealing pronounced performance divergence—'some rejoice, others grieve.' Performance Divergence Among Kitchen Small-Appliance Enterprises in Q3 2025 Q3 2025 reports from kitchen small-appliance enterprises have been successively released. ASD (002403.SZ) posted Q3 revenue of RMB 684 million, down 16.98% year-on-year; net profit attributable to shareholders was a loss of RMB 62 million, down 1284.20% year-on-year. Joyoung (002242.SZ) reported Q3 revenue of RMB 1.598 billion, down 10.99% year-on-year; net profit attributable to shareholders was RMB 0.8547 million, up 101.11% year-on-year. Supor (002032.SZ) recorded Q3 revenue of RMB 5.42 billion, down 2.30% year-on-year; net profit attributable to shareholders was RMB 426 million, down 13.42% year-on-year. According to the editor of the First Home Appliance website, amid the trend toward quality-of-life enhancement, premium kitchen small appliances still hold considerable growth potential.

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