Group 1 - The small home appliance sector increased by 0.35% on July 30, with Rainbow Group leading the gains [1] - The Shanghai Composite Index closed at 3615.72, up 0.17%, while the Shenzhen Component Index closed at 11203.03, down 0.77% [1] - Key stocks in the small home appliance sector showed varied performance, with Rainbow Group rising by 5.74% to a closing price of 28.17 [1] Group 2 - On the same day, the small home appliance sector experienced a net outflow of 72.98 million yuan from institutional investors, while retail investors saw a net inflow of 90.09 million yuan [2] - Notable net inflows from retail investors were observed in stocks like Covos and Rainbow Group, despite overall institutional outflows [2] - The data indicates a mixed sentiment among different investor types, with retail investors showing interest in certain stocks while institutional investors withdrew funds [2]

Core Viewpoint - The Shanghai Municipal Market Supervision Administration conducted a quality inspection of electric toothbrush products in the city, finding no non-compliant products among the 15 batches tested [1] Group 1: Inspection Results - A total of 15 batches of electric toothbrushes were sampled, with 10 batches from physical sales and 5 batches from e-commerce sales [1] - The inspection covered products from five provinces and cities, including Shanghai, Shandong, Zhejiang, and Guangdong, with 4 batches produced in Shanghai and 11 batches from other provinces [1] - The inspection was conducted according to the SHSSXZ0206-2025 guidelines for product quality supervision of electric toothbrushes in Shanghai [1] Group 2: Product Details - Various brands and models were included in the inspection, such as Y1 MAX, V1, and Philips electric toothbrushes, with production dates and specifications noted [1] - The inspection included products from companies like Guangzhou Xingji Yuedong Co., Shenzhen Susi Technology Co., and Shanghai Feike Electric Co. [1] - No non-compliance was reported for any of the sampled products, indicating a positive quality assessment for the electric toothbrush market in Shanghai [1]

Core Viewpoint - The rise of "he economy" and increasing consumer spending among men have led to a significant growth in the demand for electric shavers in China, with retail volume and value experiencing substantial increases in 2023, although a market saturation is expected in 2024, resulting in a decline in both volume and value [1][12]. Market Overview - The electric shaver is a portable personal care device powered by electricity, designed for shaving without the need for water or shaving cream, making it convenient for quick use or travel [2]. - In 2023, the online retail volume of electric shavers in China reached 61.06 million units, a year-on-year increase of 49.62%, while retail value reached 9.4 billion yuan, up 22.08% [12]. - By 2024, the online retail volume is projected to decrease to 56.19 million units, a year-on-year decline of 7.98%, with retail value dropping to 8.6 billion yuan, down 8.51% [12]. Market Policies - The Chinese government has implemented various policies to support the development of the small appliance industry, including electric shavers, creating a favorable environment for market growth [5]. Industry Chain - The upstream of the electric shaver industry includes suppliers of materials like stainless steel, tungsten steel, plastics, and rubber, as well as components like motors and batteries. The midstream involves design, research, and production, while the downstream consists of sales channels such as supermarkets, specialty stores, and e-commerce platforms [8]. Consumer Demographics - The primary consumers of electric shavers in China are aged 18-30, accounting for over 50% of the market, followed by those aged 35-50 at approximately 37.9%. There is a notable increase in female consumers purchasing electric shavers for gifts or household use, now making up 40% of the market [10]. Competitive Landscape - The electric shaver market in China is divided into three categories: international high-end brands (e.g., Philips, Braun), domestic traditional brands (e.g., Feike, Superman), and emerging cross-border brands (e.g., Xiaomi, Skyworth) [16]. - The number of portable electric shaver brands in China reached 227 in 2024, a year-on-year increase of 43.67%, with model numbers increasing by 51.60% to 855 [18]. Company Analysis - **Feike Electric**: Focuses on personal care and kitchen appliances, with a revenue of 4.147 billion yuan in 2024, where personal care products accounted for 95.39% of total revenue [22]. - **Skyworth Group**: Engaged in various smart appliances, with a total revenue of 65.01 billion yuan in 2024 and a gross profit of 8.808 billion yuan, reflecting a gross margin of 13.55% [24]. Development Trends - The future of electric shavers is expected to be influenced by the proliferation of 5G technology and the Internet of Things, leading to smarter features and personalized designs that cater to the preferences of younger consumers [26].

Investment Rating - The investment rating for the home appliance industry is "Strongly Recommended" for key companies such as Midea Group, Gree Electric Appliances, Hisense Home Appliances, Supor, and others [2]. Core Insights - The recent trade agreement between the US and Vietnam is expected to benefit companies with production capacity in Vietnam, as tariffs on Vietnamese exports to the US have significantly decreased from 46% to 20% [1]. - The US labor market data indicates a mixed outlook, with a decrease in ADP employment numbers and a slight drop in the unemployment rate, which may increase the probability of a rate cut by the Federal Reserve in September [1]. Industry Scale - The home appliance industry consists of 88 listed companies, with a total market capitalization of 1,835.5 billion and a circulating market capitalization of 1,748.9 billion [3]. Key Company Financials - Midea Group: Market Cap 563.3 billion, 2024 EPS 5.03, 2025 EPS 5.61, 2025 PE 13.1, PB 2.5, Investment Rating: Strongly Recommended [2]. - Gree Electric Appliances: Market Cap 261.8 billion, 2024 EPS 5.75, 2025 EPS 6.25, 2025 PE 7.5, PB 1.8, Investment Rating: Strongly Recommended [2]. - Hisense Home Appliances: Market Cap 36.5 billion, 2024 EPS 2.42, 2025 EPS 2.71, 2025 PE 9.7, PB 2.2, Investment Rating: Strongly Recommended [2]. - Supor: Market Cap 42.0 billion, 2024 EPS 2.80, 2025 EPS 3.03, 2025 PE 17.3, PB 6.1, Investment Rating: Strongly Recommended [2]. - Other companies such as Zhaochi Co., Juxing Technology, and Stone Technology also received a "Strongly Recommended" rating [2]. Market Performance - The absolute performance of the home appliance sector over 1 month, 6 months, and 12 months is 4.9%, 10.1%, and 30.3% respectively, indicating a strong upward trend [5]. - The relative performance against the benchmark index (CSI 300) is 2.0%, 4.6%, and 14.8% for the same periods [5]. Supply Chain and Production Insights - Major appliance manufacturers like Hisense and TCL are primarily sourcing from Mexico and Vietnam, mitigating tariff impacts [6]. - The shift in TV imports to the US shows that Vietnam's share has increased to 36%, while China's has decreased to 5% [8]. - Companies in the smart home sector, such as Stone Technology, are also benefiting from reduced uncertainties in supply chains due to the Vietnam agreement [6]. Future Outlook - The anticipated rate cut by the Federal Reserve is expected to boost demand in the tools market, with a 66% probability of a 25 basis point cut in September [9][10]. - Companies are advised to focus on production in Vietnam to meet local origin requirements and capitalize on the upcoming peak season for orders [6].

Group 1: Report Overview - The report is about a research on Feike Electric in the household appliance industry on June 18, 2025 [1][2][17] Group 2: Research Participants - The research was participated by investors and other institutions [2] Group 3: Company Representatives - The company's representatives include Chairman and President Li Gaiteng, Independent Director Lin Zhenxing, Financial Controller Hu Ying, and Board Secretary Guo Jiaguang [17] Group 4: Key Questions and Answers - **Dividend Policy**: The company has always implemented a stable and active cash - dividend policy to ensure the basic interests of all shareholders [24][25] - **Production Model**: In 2024, the proportion of outsourced production in the total production volume was 36.97% [25] - **Sales Structure**: In 2024, the sales proportion of mid - to high - end products reached 60.78%, a 9.83 - percentage - point increase from the previous year [26] - **Overseas Market**: In 2024, the company actively promoted overseas market layout, focusing on emerging markets such as Southeast Asia, Africa, and the Middle East, and continued to seek M&A and cooperation opportunities [26] - **Financial Performance**: In Q1 2025, the gross profit margin was 56.21% and the net profit margin was 15.64%, with a significant quarter - on - quarter increase [26] - **Competition**: The company improves competitiveness through R & D innovation, brand operation, and marketing management, and has developed many leading products [27] - **Performance Decline**: The performance in 2024 was under great pressure due to the dual - brand strategy adjustment and changes in the consumption environment, and the company will work to improve performance [28]

证券代码：603868 证券简称：飞科电器 公告编号：2025-015 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： （网址：https://roadshow.sseinfo.com） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2025 年 06 月 11 日 （星期三） 至 06 月 17 日 （星期二）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 4 月 30 日发布 公司《2024 年年度报告》和《2025 年第一季度报告》，为便于广大投资者更全 面深入地了解公司 2024 年度和 2025 年第一季度经营成果、财务状况，公司计 划于 2025 年 06 月 18 日 （星期三） 10:30-11:30 举行 2024 年度暨 2025 年第 一季度 ...

Group 1 - The company will hold an earnings presentation for the fiscal year 2024 and the first quarter of 2025 on June 18, 2025, from 10:30 to 11:30 [1][2] - The presentation will be conducted via video live stream and online interaction at the Shanghai Stock Exchange Roadshow Center [2][3] - Key company personnel, including the Chairman and President, Independent Director, Chief Financial Officer, and Secretary of the Board, will participate in the meeting [2] Group 2 - Investors can submit questions for the presentation from June 11, 2025, to June 17, 2025, by logging into the Shanghai Stock Exchange Roadshow Center or via the company's email [3] - After the presentation, investors can view the meeting's details and main content on the Shanghai Stock Exchange Roadshow Center [3]

上海飞科电器股份有限公司 关于召开2024年度暨2025年第一季度业绩说明会的 公告 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： （网址：https://roadshow.sseinfo.com） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2025 年 06 月 11 日 （星期三） 至 06 月 17 日 （星期二）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 4 月 30 日发布 公司《2024 年年度报告》和《2025 年第一季度报告》，为便于广大投资者更全 面深入地了解公司 2024 年度和 2025 年第一季度经营成果、财务状况，公司计 划于 2025 年 06 月 18 日 （星期三） 10:30-11:30 举行 2024 年度暨 2025 年第 一季度业绩说明会， ...

Summary of Key Points from the Conference Call Industry Overview - The small home appliance industry entered a plateau phase after 2021, but new categories like air fryers and coffee machines showed remarkable growth in 2022, with air fryers increasing by 88% and coffee machines by 41% [1][2][4]. - The macroeconomic downturn in 2023-2024 is expected to impact consumer spending, but the national subsidy policy in Q4 2024 is anticipated to boost confidence, particularly benefiting mid-to-high-end products [1][2][4]. Core Insights and Arguments - By 2025, small appliance companies are expected to face a mild recovery in demand, reduced competition, and improved profitability, driven by fiscal subsidies and low base effects [1][4]. - Online sales channels have become the mainstream for small appliances, accounting for 79% of sales, with platforms implementing cost-reduction policies to alleviate pressure on brands [1][5]. - Brands like Xiaoxiong are optimizing product structures and focusing on high-end products to enhance brand image and profitability, while also emphasizing marketing efficiency and supply chain cost reduction [1][6]. Future Trends and Recommendations - The kitchen small appliance market is projected to recover in 2025, with significant price-driven growth expected. The domestic market is entering a phase of enhanced product capabilities [1][7]. - Recommended companies to watch include Xiaoxiong, Feike, Delma, and the stable dividend-paying leader Supor, as well as the promising water purification company Yunmi Technology [1][7]. Market Environment and Strategic Directions - Current market conditions for small appliance companies include moderate demand recovery, easing competition, and improving profitability, with a focus on high-quality development [4]. - Companies are adopting various strategic directions, including market penetration, product development, market expansion, and diversification to adapt to the plateau phase [8][10]. - The mother and baby small appliance market is particularly strong, with Xiaoxiong's revenue in this segment growing by 32% in 2024, outperforming other business areas [2][9]. Additional Important Insights - The online retail share of kitchen small appliances rose from 55% in 2019 to 67% in 2020 due to the pandemic, with brands like Xiaoxiong, Beiding, and Xinbao seeing significant revenue growth [2]. - Platforms are shifting their strategies towards GMV (Gross Merchandise Volume) to enhance user engagement, repeat purchase rates, and average transaction value, leading to a reduction in price competition [5]. - Companies are increasingly focusing on overseas markets due to prolonged domestic demand weakness, with brands like Xiaoxiong and Beiding achieving substantial growth in international sales [10].

Core Viewpoint - Shanghai Feike Electric Co., Ltd. announced a cash dividend distribution of RMB 0.5 per share, totaling RMB 217.8 million, approved at the 2024 annual shareholders' meeting on May 20, 2025 [1][2]. Dividend Distribution Details - The cash dividend of RMB 0.5 per share will be distributed based on a total share capital of 435,600,000 shares [1]. - The relevant dates for the dividend distribution are as follows: - Record date: June 5, 2025 - Last trading day: June 6, 2025 - Ex-dividend date: June 6, 2025 [1][2]. Taxation Information - For individual shareholders, the tax treatment varies based on the holding period: - Holding period over 1 year: exempt from individual income tax - Holding period within 1 month: full amount included in taxable income, with a tax rate of 20% - Holding period between 1 month and 1 year: 50% of the amount included in taxable income, with a tax rate of 10% [2]. - For Qualified Foreign Institutional Investors (QFII), a 10% corporate income tax will be withheld, resulting in a net cash dividend of RMB 0.45 per share [3]. - Other institutional investors and corporate shareholders will receive a cash dividend of RMB 0.50 per share without tax withholding [5].