格隆汇2月24日丨苏泊尔(002032.SZ)公告称，2025年公司实现营业收入227.72亿元，同比增长1.54%；归 属于上市公司股东的净利润20.97亿元，同比下降6.58%。主要因出口业务综合影响及货币资金整体收益 下降。同时，公司通过持续创新和渠道优势，内销业务稳定增长，但主要外销客户订单减少。公司采取 降本增效措施，综合毛利率略有提升。由于国内市场竞争加剧，销售费用同比小幅上升。加权平均净资 产收益率减少2.17个百分点。 ...

每经AI快讯，2月24日，苏泊尔(002032.SZ)公告称，2025年公司实现营业收入227.72亿元，同比增长 1.54%；归属于上市公司股东的净利润20.97亿元，同比下降6.58%。主要因出口业务综合影响及货币资 金整体收益下降。同时，公司通过持续创新和渠道优势，内销业务稳定增长，但主要外销客户订单减 少。公司采取降本增效措施，综合毛利率略有提升。由于国内市场竞争加剧，销售费用同比小幅上升。 加权平均净资产收益率减少2.17个百分点。 每日经济新闻 ...

苏泊尔公告称，2025年公司实现营业总收入227.72亿元，同比增长1.54%；利润总额25.88亿元，同比下 降5.30%；归属于上市公司股东的净利润20.97亿元，同比下降6.58%。内销业务营收稳定增长，核心品 类市占率领先；外销业务订单略有减少，营收略微下降。净利润下降主要因出口业务及货币资金收益降 低。公司采取降本增效措施，毛利率略有提升，但销售费用同比上升，研发投入加大。 ...

浙江苏泊尔股份有限公司 股票代码：002032 股票简称：苏泊尔 公告编号：2026-002 浙江苏泊尔股份有限公司 2025 年度业绩快报 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重 大遗漏。 特别提示： 本公告所载 2025 年度财务数据仅为初步核算数据，已经公司内部审计部门审计，未经会计师事务所 审计，与年度报告中披露的最终数据可能存在差异，请投资者注意投资风险。 浙江苏泊尔股份有限公司 二、经营业绩和财务状况的情况说明 2025年公司实现营业收入2,277,175.35万元，较上年同期增长1.54%；利润总额258,752.72万元，较上 年同期下降5.30%；归属于上市公司股东的净利润209,672.02万元，较上年同期下降6.58%；其中： 1、营业总收入较同期增长 1.54%。内销业务，面对复杂的国内市场环境与消费者更理性的市场需求， 公司通过持续创新及强大的渠道竞争优势，营业收入较同期稳定增长，且核心品类的线上、线下市场占 有率保持领先。外销业务，公司主要外销客户的订单较同期略有减少，营业收入较同期略微下降。 2、归属于上市公司股东的净利润较同期下降 ...

| 股票简称 | 股票代码 | 限售股类型 | 解禁股数 | | --- | --- | --- | --- | | 厦门信达 | 000701 | 股权激励限售流通 | 12.9万 | | 兖矿能源 | 600188 | 股权激励限售流通 | 2960.32万 | | 海正药业 | 600267 | 股权激励限售流通 | 73.13万 | | 苏泊尔 | 002032 | 股权激励限售流通 | 3.95万 | | 航天彩虹 | 002389 | 股权激励限售流通 | 270.57万 | | 晓鸣股份 | 300967 | 股权激励限售流通 | 59.53万 | | 蕾奥规划 | 300989 | 股权激励限售流通 | 35.64万 | | 丛麟科技 | 688370 | | 9335.88万 | 今日具体限售解禁股情况如下： 智通财经APP获悉，2月24日共有8家上市公司的限售股解禁，解禁总市值约25.23亿元。 ...

Core Insights - The definition of "New Year goods" is evolving, with traditional items being replaced by more technologically advanced and practical "smart goods" as consumer preferences shift towards enhancing the quality of life for parents [1][10] - The rise of "smart New Year goods" is particularly notable in rural markets, where products like smart home appliances are becoming popular choices among younger consumers [1][11] Consumer Trends - Young consumers are increasingly opting for gifts that improve their parents' quality of life, such as dishwashers and robotic vacuum cleaners, rather than traditional gifts like alcohol and grains [2][11] - The sales of smart appliances have seen significant growth, with robotic vacuum cleaners increasing by 121% and embedded micro-steaming ovens by 114% during the festive season [3][11] Market Dynamics - The improvement of logistics, 5G network coverage, and payment environments in rural areas has made online shopping for smart appliances more accessible [6][16] - Government subsidies ranging from 10% to 15% for green smart appliances have further lowered the consumption threshold for rural residents [6][16] Industry Response - Home appliance companies are adapting their product strategies to meet the needs of rural consumers, offering customizable and easy-to-install devices [7][17] - Brands are launching special promotional packages for the New Year, combining multiple smart appliances with discounts and installment payment options to stimulate demand [7][17] Investment Opportunities - High dividend-yielding companies in the home appliance sector are attracting attention, with companies like Gree Electric, Supor, and Hisense showing dividend yields above 3% [8][18] - Supor is noted for its nearly 100% dividend payout ratio for 2024, indicating strong financial health and investor interest [8][18]

Core Viewpoint - The article discusses the rise of red envelope marketing as a unique strategy for market promotion and customer engagement during the Chinese New Year, particularly highlighting its effectiveness in the context of AI applications and consumer behavior [2][3]. Group 1: Red Envelope Marketing - Red envelope marketing has become a common phenomenon among companies during the Spring Festival, creating numerous successful business cases [3]. - The high recognition of red envelopes in China makes them a valuable marketing tool, helping to stimulate consumer activity and enhance the festive market atmosphere [2][4]. Group 2: Consumer Behavior and Market Dynamics - Red envelopes may not provide true consumer surplus but rather represent a discount from merchants or third parties, potentially confusing the relationship between consumers and products/services [4]. - Overuse of red envelope marketing can obscure market price signals and disrupt the genuine expression of consumer preferences, leading to unnecessary purchases [4]. Group 3: Innovation and Market Competition - As the market enters a new phase dominated by AI, the traditional first-mover advantage may become a burden, necessitating rapid innovation to meet changing consumer preferences [5]. - Resources allocated to red envelope promotions may be better spent on enhancing product quality and service scarcity, which could more effectively stimulate consumer activity [5].

Core Insights - The seventh China Kitchen and Bathroom Industry Innovation Development Summit focused on product innovation, marketing transformation, and ecological collaboration in the kitchen and bathroom industry, emphasizing the shift from traditional supply chain dialogues to user-centered value practices [1] Group 1: Industry Trends - The future growth of the kitchen and bathroom industry hinges on transitioning from product competition to user value competition, addressing the evolving consumer demand from "functional satisfaction" to "spiritual pursuit" [1] - The summit highlighted the importance of deepening user value cultivation in the context of stock competition, promoting innovation and development within the industry [1] Group 2: Company Innovations - Supor received two prestigious awards at the summit: the "2025 Kitchen and Bathroom Industry Heavyweight New Product Award" for the F1pro multi-safety explosion-proof stove and the "2025 Kitchen and Bathroom Industry Heavyweight Hot Product Award" for the Zero-Sense series S1 range hood [1] - Supor aims to become an indispensable helper in consumers' daily lives by integrating advanced technology and quality materials to create healthy and comfortable kitchen and bathroom living scenarios [2] Group 3: Product Features - The F1pro stove features an alloy safety explosion-proof panel that can withstand up to 150 kg of pressure, addressing safety concerns related to traditional panels, and includes a timer and "forgot to turn off" smart reminder function for enhanced safety [2] - The S1 range hood utilizes a new top-side dual suction structure with a powerful 25m³/min cooking fume extraction rate and 1100Pa maximum variable frequency static pressure, ensuring efficient smoke extraction and preventing backflow [3] - The S1 also incorporates smart self-cleaning technology, eliminating the need for manual cleaning, and features an intelligent ventilation function to refresh kitchen air and remove harmful gases [3]

Group 1 - The core viewpoint of the report indicates that the home appliance sector is expected to experience a stable performance in 2026, with domestic demand stabilizing and external demand showing signs of improvement, despite the transitional year of national subsidy policies [1][2] - The report highlights that the home appliance sector's performance in 2026 may be promising due to upward expectations in fundamentals, easing trade tensions, and anticipated overseas interest rate cuts, which could lead to surprising performances from home appliance companies venturing abroad [1] - The report notes that the home appliance sector's relative valuation remains at historically low levels, with expectations for gradual improvement in fundamentals and upward potential in valuations as the value style warms up at the end of the year [2] Group 2 - The report recommends several leading companies in the home appliance sector, including Midea Group, Haier Smart Home, Hisense Home Appliances, and Gree Electric for their cost-performance advantages in white goods [2] - It also suggests focusing on Hisense Visual Technology for its comprehensive strength and steady improvement in market share and profitability in the color TV segment, while keeping an eye on TCL Electronics [2] - Additionally, the report recommends leading companies in the cleaning appliance sector, such as Roborock and Ecovacs, and kitchen appliance leaders like Boss Electric, Supor, and Bear Electric for their international expansion and product innovation strategies [2]

Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly for major players in the white goods sector, indicating a favorable investment environment for 2025 [3][5][6]. Core Insights - The home appliance sector is expected to benefit from the continuation of the "trade-in" policy and improvements in overseas production capacity, leading to enhanced profitability in the supply chain [2][5]. - The report highlights three main investment themes: 1. **Dividend**: Major white and black appliance companies are characterized by low valuations, high dividends, and stable growth, providing a high margin of safety and significant elasticity in stock prices [6][7]. 2. **Technology**: Core component manufacturers are transitioning into emerging tech fields such as robotics and semiconductor cooling, seeking cross-industry growth [7]. 3. **Export**: Recovery in export demand and sustained domestic sales of new products, particularly in the small appliance sector, are expected to drive growth [7]. Summary by Sections 1. White Goods and Components - In 2025, the air conditioning sector is projected to produce 195.37 million units, a 3% year-on-year decline, while sales are expected to reach 198.39 million units, down 1% year-on-year, with domestic sales increasing by 1% [5][13]. - The average price of white goods is declining due to high base effects from the trade-in policy, with air conditioning prices dropping by 13% year-on-year [23][24]. 2. Kitchen Appliances - The kitchen appliance sector is experiencing a recovery driven by real estate and trade-in policies, with online sales of range hoods and gas stoves increasing by 7.9% and 1.7% respectively in 2025 [33][34]. - Major companies like Boss Electric and Vatti are leveraging trade-in policies to boost sales, with Boss Electric maintaining a leading market share in range hoods [35][36]. 3. Small Appliances - The small appliance sector is seeing a revival due to the trade-in policy, with significant growth in cleaning appliances, although overall market consumption remains subdued [6][7]. - Companies like Roborock and Ecovacs are expected to benefit from high demand for new products, with projected revenue growth of 34% and 12% respectively in Q4 2025 [5][7]. 4. New Displays and Lighting - The emerging display sector is at a turning point, while the lighting industry is anticipated to see growth as it awaits market recovery [6][7]. - Companies like Hisense and OP Lighting are expected to experience revenue declines in Q4 2025, with projections of -10% and -2% respectively [6][7]. 5. Investment Highlights - The report recommends a combination of leading white goods companies such as Haier, Midea, and Gree, along with Hisense, as they are currently undervalued and offer stable growth prospects [6][7]. - The report also emphasizes the importance of component manufacturers adapting to new technologies and markets, with companies like Huaxiang and Sanhua expected to see significant growth in their respective sectors [7][29][30].