Core Viewpoint - The kitchen and bathroom appliance sector experienced a 0.76% increase on October 21, with Mars Man leading the gains, while the overall market indices also showed positive performance [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3916.33, up 1.36% [1] - The Shenzhen Component Index closed at 13077.32, up 2.06% [1] Group 2: Individual Stock Performance - Mars Man (300894) closed at 12.45, up 4.10% with a trading volume of 72,100 shares and a turnover of 88.74 million yuan [1] - Zhejiang Meida (002677) closed at 7.29, up 2.68% with a trading volume of 102,600 shares and a turnover of 74.04 million yuan [1] - Shuaifeng Electric (605336) closed at 15.67, up 1.95% with a trading volume of 33,700 shares and a turnover of 52.60 million yuan [1] - Wanhe Electric (002543) closed at 12.01, up 1.61% with a trading volume of 28,100 shares and a turnover of 33.57 million yuan [1] - Weisheng Co. (002035) closed at 6.37, up 1.11% with a trading volume of 60,900 shares and a turnover of 38.62 million yuan [1] - Sunrise Oriental (603366) closed at 9.27, up 0.98% with a trading volume of 81,200 shares and a turnover of 74.64 million yuan [1] - Boss Electric (002508) closed at 18.74, up 0.32% with a trading volume of 35,900 shares and a turnover of 67.29 million yuan [1] - Aopu Technology (603551) closed at 11.85, unchanged with a trading volume of 16,600 shares and a turnover of 19.68 million yuan [1] - Yitian Smart (300911) closed at 40.58, down 2.22% with a trading volume of 94,800 shares and a turnover of 382 million yuan [1] Group 3: Capital Flow Analysis - The kitchen and bathroom appliance sector saw a net outflow of 26.63 million yuan from institutional investors and 14.53 million yuan from speculative funds, while retail investors had a net inflow of 41.15 million yuan [1] - Shuaifeng Electric had a net inflow of 2.88 million yuan from institutional investors, while it experienced a net outflow of 2.43 million yuan from speculative funds [2] - Wanhe Electric had a net outflow of 2.69 million yuan from institutional investors, but a net inflow of 4.20 million yuan from retail investors [2] - Mars Man had a net inflow of 1.31 million yuan from institutional investors, with a significant net outflow of 8.51 million yuan from retail investors [2]

Core Points - The stock price of Shuaifeng Electric (605336) closed at 15.17 yuan on October 17, 2025, reflecting a 1.2% increase from the previous week's closing price of 14.99 yuan [1] - The company's total market capitalization is 2.782 billion yuan, ranking 9th in the kitchen and bathroom appliance sector and 4579th in the overall A-share market [1] Company Announcements - Shuaifeng Electric announced the redemption of a 182-day treasury reverse repurchase agreement, which was purchased with 43 million yuan of idle raised funds. The agreement matured on October 13, 2025, yielding a total return of 182.3697 million yuan [1] - The annualized yield of the treasury reverse repurchase agreement was 1.72%, and the principal along with the earnings has been fully returned to the designated account for raised funds [1] - The company has utilized part of its idle raised funds for cash management, limited to purchasing low-risk, highly liquid, and capital-preserving financial products with a maturity of no more than 12 months, ensuring that the fundraising projects proceed normally [1] - As of October 14, 2025, the amount of temporarily idle raised funds still under cash management that has not yet matured is 10 million yuan [1] - The company has completed the necessary review procedures, with the board of directors, supervisory board, and sponsor institution all expressing agreement [1]

证券代码：605336 证券简称：帅丰电器 公告编号：2025-025 的进展公告 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： 本次赎回产品的基本情况 | 产品名称 | 91 天期国债逆回购 | | --- | --- | | 受托方名称 | 国信证券股份有限公司 | | 赎回金额 | 1,000.00 万元 | | 产品期限 | 91 天 | 风险提示 截至 2025 年 10 月 17 日，浙江帅丰电器股份有限公司（以下简称"公司"） 使用暂时闲置募集资金进行现金管理尚未到期的理财产品为保本固定收益型，属 于低风险投资产品。但金融市场受宏观经济的影响，不排除该投资受政策风险、 市场风险、信用风险、流动性风险、信息传递风险、不可抗力及意外事件风险等 因素影响，存在一定的投资风险。敬请广大投资者谨慎决策，注意防范投资风险。 浙江帅丰电器股份有限公司 关于使用部分闲置募集资金进行现金管理 注：年化收益率的测算未扣除交易费用。 二、投资风险及风险控制措施 公司进行现金管理仅限于购买单笔投资期限不超过 12 个月 ...

Market Overview - The kitchen and bathroom appliance sector experienced a decline of 1.89% on October 17, with Yitian Smart leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Stock Performance - Aopu Technology (603551) closed at 11.89, up 1.02% with a trading volume of 30,600 lots and a transaction value of 36.43 million [1] - Zhejiang Meida (002677) closed at 7.17, down 0.42% with a trading volume of 82,100 lots and a transaction value of 59.10 million [1] - Shuaifeng Electric (605336) closed at 15.17, down 0.72% with a trading volume of 15,700 lots and a transaction value of 23.89 million [1] - Boss Electric (002508) closed at 18.68, down 1.11% with a trading volume of 73,400 lots and a transaction value of 138 million [1] - Other notable declines include Wanjia Electric (002543) down 2.87% and Mars Man (300894) down 2.93% [1] Capital Flow - The kitchen and bathroom appliance sector saw a net outflow of 30.93 million from main funds, while retail funds had a net inflow of 15.08 million and individual investors had a net inflow of 15.84 million [1] - Yitian Smart (300911) had a main fund net inflow of 21.68 million, but a significant retail net outflow of 34.27 million, indicating a divergence in investor sentiment [2] - Other companies like Zhejiang Meida (002677) and Shuaifeng Electric (605336) also experienced mixed capital flows, with retail investors showing some interest despite overall sector declines [2]

Core Insights - The kitchen and bathroom appliance sector experienced a slight decline of 0.07% on October 15, with Yitian Intelligent leading the drop [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Sector Performance - The kitchen and bathroom appliance sector saw mixed performance among individual stocks, with notable gainers including: - Sunrise Oriental (603366) at 9.44, up 1.29% with a trading volume of 96,500 shares and a turnover of 90.14 million yuan - Aopu Technology (603551) at 11.85, up 1.28% with a trading volume of 21,800 shares and a turnover of 25.70 million yuan - Mars Man (300894) at 12.45, up 1.22% with a trading volume of 31,900 shares and a turnover of 39.56 million yuan - Conversely, Yitian Intelligent (300911) closed at 51.31, down 2.79% with a trading volume of 42,700 shares and a turnover of 220 million yuan [1] Capital Flow - The kitchen and bathroom appliance sector saw a net inflow of 13.24 million yuan from institutional investors, while retail investors experienced a net outflow of 20.44 million yuan [1] - Detailed capital flow for selected stocks includes: - Sunrise Oriental (603366) with a net inflow of 7.13 million yuan from institutional investors and a net outflow of 2.13 million yuan from retail investors [2] - Yitian Intelligent (300911) with a net inflow of 6.61 million yuan from institutional investors and a net outflow of 1.72 million yuan from retail investors [2] - Aopu Technology (603551) with a net inflow of 2.10 million yuan from institutional investors and a net outflow of 0.14 million yuan from retail investors [2]

Core Viewpoint - The company Zhejiang Shuaifeng Electric Co., Ltd. has utilized part of its idle raised funds for cash management, specifically through the purchase of low-risk financial products, ensuring that this does not affect its daily operations or the use of raised funds for intended projects [1][3]. Group 1: Cash Management Details - As of October 14, 2025, the company has redeemed a total of RMB 43 million from a treasury reverse repurchase agreement, with all principal and returns returned to the dedicated fundraising account [1]. - The company has a remaining amount of RMB 10 million in idle raised funds for cash management that has not yet matured [5]. - The company’s cash management strategy is limited to safe, high liquidity, and principal-protected financial products with a maximum investment period of 12 months [2][4]. Group 2: Financial Impact - The use of idle funds for cash management does not alter the intended use of raised funds or affect the construction of investment projects [3]. - This strategy aims to enhance the efficiency of fund utilization and generate additional investment returns, ultimately benefiting shareholders [3]. Group 3: Approval Process - The company’s board of directors and supervisory board approved the cash management plan on December 27, 2024, allowing for the use of up to RMB 65 million for safe and liquid investment products [4]. - The decision was supported by the supervisory board and the sponsor institution, ensuring compliance with regulatory requirements [4]. Group 4: Risk Management Measures - The company has established a robust risk control framework, including pre-investment audits and ongoing supervision by the audit department and supervisory board [2]. - Specific measures include assessing risks before investment and ensuring that cash management does not interfere with daily operations [2].

Key Points - On October 14, 2025, Shuaifeng Electric (605336) closed at 15.32 yuan, up 2.13%, with a turnover rate of 2.22% and a trading volume of 40,700 shares, resulting in a transaction amount of 62.4367 million yuan [1]. - On the same day, the net inflow of main funds was 2.7907 million yuan, accounting for 4.47% of the total transaction amount; the net inflow of retail funds was 3.842 million yuan, accounting for 6.15%; while retail investors experienced a net outflow of 6.6327 million yuan, accounting for 10.62% [1][3]. - Shuaifeng Electric utilized idle raised funds of 43 million yuan to purchase a 182-day treasury reverse repurchase product, which matured on October 13, 2025, yielding a total return of 18.23697 million yuan [1][3]. - The annualized return on the treasury reverse repurchase product was 1.72%, and the principal and earnings have been fully returned to the special account for raised funds [1]. - As of October 14, 2025, the company has 10 million yuan of temporarily idle raised funds for cash management that have not yet matured [1].

证券代码：605336 证券简称：帅丰电器 公告编号：2025-024 浙江帅丰电器股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 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： 本次赎回产品的基本情况 | 产品名称 | 182 天期国债逆回购 | | --- | --- | | 受托方名称 | 国信证券股份有限公司 | | 赎回金额 | 4,300.00 万元 | | 产品期限 | 182 天 | 风险提示 截至 2025 年 10 月 14 日，公司使用暂时闲置募集资金进行现金管理尚未到 期的理财产品为保本固定收益型，属于低风险投资产品。但金融市场受宏观经济 的影响，不排除该投资受政策风险、市场风险、信用风险、流动性风险、信息传 递风险、不可抗力及意外事件风险等因素影响，存在一定的投资风险。敬请广大 投资者谨慎决策，注意防范投资风险。 2025 年 4 月 14 日，浙江帅丰电器股份有限公司（以下简称"公司"）使用 闲置募集资金人民币 4,300.00 万元购买了上海证券交易所交易的国债逆回购 ...

Core Insights - The kitchen and bathroom appliance sector experienced a slight increase of 0.05% on October 10, with Aopu Technology leading the gains [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Sector Performance - Aopu Technology (603551) closed at 11.80, up 3.15% with a trading volume of 33,900 shares and a turnover of 39.71 million yuan [1] - Zhejiang Meida (002677) closed at 7.32, up 1.39% with a trading volume of 139,400 shares and a turnover of 102 million yuan [1] - Shuaixing Electric (605336) closed at 14.99, up 1.08% with a trading volume of 18,400 shares and a turnover of 27.51 million yuan [1] - Other notable performances include Vatti Corporation (002035) up 0.63%, and Boss Electric (002508) up 0.53% [1] Capital Flow Analysis - The kitchen and bathroom appliance sector saw a net outflow of 21.44 million yuan from institutional investors, while retail investors contributed a net inflow of 28.36 million yuan [1] - Aopu Technology experienced a net outflow of 730,000 yuan from institutional investors, while retail investors had a net inflow of 502,060 yuan [2] - Boss Electric (002508) had a net inflow of 8.037 million yuan from institutional investors, despite a net outflow of 974,930 yuan from speculative funds [2]

Core Viewpoint - The domestic home appliance market shows resilience in growth during the first half of 2025, driven by the "trade-in" policy, with retail sales of range hoods and gas stoves increasing by 11.8% and 10.1% year-on-year, respectively, while water heater sales only grew by 0.8% [1] Group 1: Market Performance - The overall revenue of nine listed kitchen and bathroom appliance companies in A-shares reached 15.063 billion yuan, a decrease of 7.9% compared to the same period in 2024 [1] - Six kitchen appliance companies reported total revenue of 8.299 billion yuan, with a net profit of 804 million yuan, reflecting declines of 13.2% and 35.9% year-on-year, respectively [2] - The integrated stove retail sales dropped by 27.6% year-on-year, and the domestic sales of air source heat pumps decreased by 22.3% [1] Group 2: Company Performance - Boss Electric ranked first in revenue with 4.608 billion yuan, while Wanhe Electric was the only company to achieve revenue growth of 7.1% [5] - Fire Star and Yitian Smart transitioned from profit to loss, with Fire Star's revenue plummeting by 46.3% [2][5] - Zhejiang Meida's revenue fell by 53.8%, significantly impacted by the downturn in the real estate market [5] Group 3: Cost and Profitability - The operating costs of kitchen and bathroom appliances generally decreased, with only Wanhe Electric's costs rising by 15.5% [5] - Boss Electric maintained the highest gross profit margin at 50.4%, while Yitian Smart's gross profit margin dropped to 14.1% [6][12] - Operating cash flow for Wanhe Electric reached 618 million yuan, while Yitian Smart experienced a cash outflow of 1.59 billion yuan [14] Group 4: Efficiency and Management - Boss Electric's accounts receivable turnover days were approximately 70 days, while Zhejiang Meida's was only 5 days, indicating faster cash recovery [16] - Fire Star's inventory turnover days were about 174 days, reflecting inefficiencies in inventory management [16] - Management expenses for Yitian Smart were the highest at 17.6%, while Wanhe Electric's management expenses were relatively low at 2.5% due to revenue growth [9]