关于召开 2025 年第三季度业绩说明会的公告 证券代码：603868 证券简称：飞科电器 公告编号：2025-018 上海飞科电器股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 11 月 17 日（星期一）11:00-12:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 10 日（星期一）至 11 月 14 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 flyco@flyco.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 上海飞科电器股份有限公司（以下简称"公司"）已于 2025 年 10 月 28 日发 布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公 ...

本次抽查所抽样品产地涉及上海市、安徽省、浙江省等4个省市。其中抽查到标称上海市生产企业共4批次，未发现不合格；抽查到标称外省市生产企业共31 批次，不合格7批次。 本次监督抽查依据SHSSXZ0059-2025《上海市产品质量监督抽查实施细则 加湿器产品》组织实施。 本次抽查发现的不合格产品已移交被抽样生产者、销售者所在地市场监管部门依法进行处理。具体抽查结果如下： 2025年上海市加湿器产品质量监督抽查所检项目符合相关标准的产品 | 样品标称名称 | 标称商标 | 标称规格型 | 标称生产日 | 标称生产者名称 | 被抽样生产者、销售者 | 被抽样销售者所在商场/ | 认证机 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 号 | 期/批号 | | | 电商平台 | 构 | | 飞科加湿器 | / | HU9252 | 未标注// | 上海飞科电器股份有限 公司 | | / / 淘 宝 | / | | 飞科加湿器 | / | FH9211 | 未标注// | 上海飞科电器股份有限 | | / / 淘 宝 | / | | | | | | 公司 ...

中国质量新闻网讯 据浙江省温岭市人民政府网站消息，根据相关规定，温岭市市场监督管理局组织开展了全市2025年温岭市燃气器具及电气产品质量监督 抽查，抽查了温岭市辖区内相关产品78批次，不合格2批次。 | 2025年温岭市燃气器具及电气产品质量监督抽查结果汇总表 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 发布时间：2025年10月 | | | | | | | | | 序 产品名称 | 规格型号 | 受检单位名称 | 生产单位（供货单位） | 生产日期或批 | 监督抽查 | 检验结 | 不合格项 | | 号 | | | 名称 | 号 | 时间 | 论 | | | 1 二联双控开关 | K3-00402 | 温岭市本意灯具有限公司 | 温州正泰智能家居科技 | 2023/08/05 | 2025年第 | 未发现 | / | | | | | 有限公司 | | 二季度 | 不合格 | | | 2 三联双控开关 | K3-00602 | 温岭市本意灯具有限公司 | 温州正泰智能家居科技 | 2023/07/31 | 2025年第 ...

Market Overview - The small home appliance sector experienced a decline of 0.94% on November 3, with Xiaoxiong Electric leading the drop [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Stock Performance - Notable gainers in the small appliance sector included: - ST Dehao: Closed at 2.70, up 5.06% with a trading volume of 266,900 shares and a turnover of 71.53 million yuan [1] - Bi Yi Co., Ltd.: Closed at 20.36, up 3.25% with a trading volume of 47,200 shares and a turnover of 94.92 million yuan [1] - Li Ren Technology: Closed at 29.20, up 2.10% with a trading volume of 19,300 shares and a turnover of 56.44 million yuan [1] - Major decliners included: - Xiaoneng Electric: Closed at 46.25, down 4.05% with a trading volume of 61,600 shares and a turnover of 284 million yuan [2] - Stone Technology: Closed at 156.97, down 3.94% with a trading volume of 88,100 shares and a turnover of 1.379 billion yuan [2] Capital Flow - The small home appliance sector saw a net outflow of 157 million yuan from institutional investors, while retail investors had a net inflow of 205 million yuan [2] - Key stocks with significant capital flow included: - Laike Electric: Net inflow of 8.35 million yuan from institutional investors, but a net outflow of 6.41 million yuan from speculative funds [3] - Xinbao Co., Ltd.: Net inflow of 6.81 million yuan from institutional investors, with a net outflow of 2.90 million yuan from speculative funds [3]

Core Insights - Shanghai FLYCO Electric Co., Ltd. reported a decline in both revenue and net profit for the third quarter of 2025, raising concerns about its business model and consumer trust [1][2]. Financial Performance - For the first three quarters of 2025, FLYCO's revenue was CNY 3.04 billion, a year-on-year decrease of 8.46%, while net profit was CNY 457 million, down 1.61% [2]. - In Q3 alone, revenue was CNY 924 million, with a net profit of CNY 136 million, reflecting declines of 7.75% and 8.76% respectively [2]. Cost Structure - The company's sales expenses reached CNY 10.12 billion in the first three quarters, which is 14 times higher than its R&D expenses of CNY 0.71 billion [3]. - The sales expenses have increased significantly from CNY 7.698 billion in 2021 to CNY 14.86 billion in 2024, while R&D expenses decreased from CNY 1.32 billion to CNY 964 million during the same period [3]. Market Position and Brand Strategy - FLYCO operates under a dual-brand strategy with "FLYCO" and "POREE," but the expected benefits of this strategy have not materialized in 2025 [1]. - The sales proportion of mid-to-high-end products dropped from 60.78% in 2024 to 56.37% in the first half of 2025, indicating a reversal in growth [5]. Consumer Complaints and Quality Issues - FLYCO has received over 1,200 consumer complaints, with issues related to product quality and after-sales service, including long repair times and difficulties in obtaining refunds [6][8]. - The sub-brand "POREE" experienced a revenue decline of 18.07%, with its sales proportion decreasing by 2.22 percentage points [5].

Core Viewpoint - The company reported a decline in revenue and net profit for Q3 2025, indicating increased competition in the personal care small appliance market, particularly in traditional segments like shavers and hair dryers [1][2]. Financial Performance - For Q3 2025, the company achieved revenue of 30.40 billion yuan, down 8.5% year-over-year (YoY), and a net profit attributable to shareholders of 4.6 billion yuan, down 1.61% YoY [1]. - Adjusted figures for Q3 2025 show revenue of 9.24 billion yuan, down 7.75% YoY, and a net profit of 1.4 billion yuan, down 8.76% YoY [1]. Market Competition - The personal care small appliance market is facing intensified competition, particularly in shavers and hair dryers, leading to revenue pressure for the company [2]. - Online sales data for Q3 2025 indicates that the domestic market for shavers and hair dryers saw growth, but the company's sales in these categories declined significantly [2]. Gross Margin Analysis - The overall gross margin for the company was 57.1%, an increase of 1.1 percentage points YoY, but the adjusted gross margin for Q3 2025 was 56.1%, a decrease of 0.8 percentage points YoY [2]. - The decline in gross margin is attributed to increased industry competition and revenue decline [2]. Cost Structure and R&D Investment - The company optimized its cost structure, resulting in a net profit margin of 15.0% for Q1-3 2025, up 1.0 percentage points YoY, while the adjusted net profit margin for Q3 2025 was 14.7%, down 0.2 percentage points YoY [3]. - The company has increased its R&D investment to enhance product innovation and technology upgrades to address future competition [3]. Investment Outlook - As a leading player in the domestic personal care small appliance market, the company has shown significant progress in channel transformation and product innovation [4]. - Despite recent weak monitoring data and ongoing industry competition, the company is expected to maintain growth, with projected EPS for 2025, 2026, and 2027 at 1.37, 1.57, and 1.77 yuan, respectively [4]. - The target price has been adjusted to 38.0 yuan, maintaining a "recommended" rating based on DCF valuation [4].

Core Viewpoint - Feike Electric is a leading brand in the domestic personal care appliance market, known for high quality and innovative design, with significant market share in electric shavers and hair dryers [1] Group 1: Business Performance - In Q3 2025, Feike Electric achieved a revenue of 3.04 billion yuan, ranking first in the industry, significantly surpassing the second-place Rainbow Group's 663 million yuan, with the industry average at 1.11 billion yuan and the median at 607 million yuan [2] - The main business composition includes electric shavers generating 1.418 billion yuan, accounting for 67.04%, and hair dryers contributing 397 million yuan, making up 18.75% [2] - The net profit for the same period was 457 million yuan, also ranking first in the industry, far exceeding Rainbow Group's 46.9759 million yuan, with the industry average at 110 million yuan and the median at 25.1615 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Feike Electric's debt-to-asset ratio was 16.02%, down from 28.12% year-on-year and below the industry average of 31.48%, indicating strong solvency [3] - The gross profit margin for the same period was 57.09%, up from 56.00% year-on-year and higher than the industry average of 49.58%, reflecting robust profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 0.52% to 12,100, while the average number of circulating A-shares held per shareholder decreased by 0.51% to 36,100 [5] - Notable changes among the top ten circulating shareholders include a decrease in holdings by Hong Kong Central Clearing Limited and Guofu Potential Combination Mixed A, while Guangfa Pension Index A entered the list as a new shareholder [5] Group 4: Management Compensation - The chairman, Li Gaiteng, received a salary of 3.612 million yuan in 2024, an increase of 672,000 yuan from 2.94 million yuan in 2023, reflecting his extensive industry experience since founding the company in 2006 [4] Group 5: Market Outlook - Analysts from Huatai Securities noted that Feike Electric's Q3 2025 revenue and profit faced slight pressure due to intensified industry competition, with expectations for net profits in 2025-2027 adjusted to 615 million, 707 million, and 840 million yuan respectively [5][6] - Shenwan Hongyuan highlighted that the company's performance met expectations, with ongoing brand structure adjustments and a focus on enhancing its mid-to-high-end image while optimizing cost-performance for the Borui brand [6]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 40.50 [6]. Core Views - The company's revenue and profit were slightly under pressure in Q3 2025 due to intensified industry competition, with Q3 revenue at RMB 9.24 billion, down 7.8% year-on-year and 3.5% quarter-on-quarter. The net profit attributable to the parent company was RMB 1.36 billion, down 8.8% year-on-year and 2.9% quarter-on-quarter, resulting in a net profit margin of 14.72% [1][6]. - Despite the current challenges, the report anticipates a potential operational turning point as the Broi brand's product layout improves and channel structure adjustments are implemented, leading to expected profit elasticity [1][2]. Summary by Sections Q3 Performance - In Q3 2025, the company reported revenue of RMB 9.24 billion, a decrease of 7.8% year-on-year and 3.5% quarter-on-quarter. The net profit attributable to the parent company was RMB 1.36 billion, down 8.8% year-on-year and 2.9% quarter-on-quarter, with a net profit margin of 14.72% [1][3]. - For the first three quarters, the company achieved revenue of RMB 30.40 billion, down 8.5% year-on-year, and a net profit of RMB 4.57 billion, down 1.6% year-on-year, with a net profit margin of 15.04%, up 1.0 percentage points year-on-year [1]. Product Performance - The Broi brand showed strong sales growth, particularly in the hair dryer segment, with a year-on-year increase of 143.3%. However, the main brand, Feike, faced sales pressure due to its higher-end positioning amid increased competition [2]. - The report highlights that the electric toothbrush segment saw a significant decline in sales, down 57.0% year-on-year, indicating ongoing challenges in new product expansions [2]. Profitability and Cost Structure - The overall gross margin for Q3 2025 was 56.1%, a slight decrease of 0.8 percentage points year-on-year, attributed to revenue decline and intensified competition. The total expense ratio was 40.4%, down 2.6 percentage points year-on-year, with sales expenses benefiting from strategic adjustments [3]. - The report notes that the net profit margin for Q3 2025 was 14.7%, reflecting a year-on-year decrease of 0.2 percentage points [3]. Profit Forecast and Valuation - The profit forecast for the company has been slightly adjusted downward, with expected net profits for 2025, 2026, and 2027 at RMB 6.15 billion, RMB 7.07 billion, and RMB 8.40 billion, respectively. The corresponding EPS is projected to be RMB 1.41, RMB 1.62, and RMB 1.93 [4]. - The report assigns a target PE of 25 times for 2026, resulting in a target price of RMB 40.50, slightly down from the previous target of RMB 41.04 [4].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company's Q3 2025 performance met market expectations, with a revenue of 3.04 billion yuan, a year-on-year decline of 8%, and a net profit attributable to shareholders of 457 million yuan, a year-on-year decline of 2%. However, the net profit excluding non-recurring items increased by 8% to 407 million yuan [4][7] - The company is actively adjusting its brand structure and expanding its overseas market presence, focusing on high-end consumer segments and enhancing brand competitiveness [7] - The company has improved its profitability by reducing sales expenses, with a sales expense ratio of 33.35%, down 2.88 percentage points year-on-year, and a net profit margin of 14.72%, down 0.16 percentage points year-on-year [7] Financial Data and Profit Forecast - For Q1-3 2025, the company achieved total revenue of 3.04 billion yuan, with a projected revenue of 3.919 billion yuan for 2025, reflecting a year-on-year decline of 5.5% [6] - The forecasted net profit for 2025 is 587 million yuan, representing a year-on-year growth of 28.1%, with corresponding price-to-earnings ratios of 27, 23, and 20 for the years 2025, 2026, and 2027 respectively [6][7]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company's Q3 2025 performance met expectations, with a revenue of 3.04 billion yuan for the first three quarters, a year-on-year decrease of 8%. The net profit attributable to shareholders was 457 million yuan, down 2% year-on-year, while the net profit excluding non-recurring items increased by 8% to 407 million yuan [4][7] - The company is actively adjusting its brand structure and expanding its overseas presence, focusing on high-end consumer segments and enhancing brand competitiveness [7] - The sales expense ratio decreased significantly, leading to improved profitability, with a gross margin of 56.10% in Q3 2025 [7] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 3.919 billion yuan, with a year-on-year decline of 5.5%. The net profit attributable to shareholders is expected to be 587 million yuan, reflecting a growth of 28.1% [6][9] - The company anticipates a continuous improvement in profitability, with net profits projected to reach 685 million yuan in 2026 and 776 million yuan in 2027, corresponding to P/E ratios of 27, 23, and 20 respectively [6][7]