Core Insights - The Guizhou Provincial Market Supervision Administration recently announced the results of quality supervision inspections for 29 types of products, including electromagnetic stove products, revealing that no non-compliant products were found among the 32 batches tested from 17 sellers [2]. Group 1: Quality Inspection Results - A total of 32 batches of electromagnetic stove products were inspected, and all were found to be compliant with quality standards [2]. - The inspection covered various safety and performance criteria, including protection against electric shock, input power and current, heating, leakage current under working temperature, and electrical strength [3]. Group 2: Compliance and Manufacturers - The inspected products included those from well-known manufacturers such as Midea and Haier, indicating a strong adherence to quality standards in the industry [3][4]. - Specific models tested included various electromagnetic stoves, with all passing the required safety and performance tests [4].

Market Overview - The small home appliance sector experienced a decline of 0.35% on February 2, with BeiYikang leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Stock Performance - Notable gainers in the small home appliance sector included: - Supor (002032) with a closing price of 44.05, up 2.04% and a trading volume of 49,100 shares, totaling 218 million yuan [1] - ST Dehao (002005) closed at 2.96, up 1.37% with a trading volume of 167,600 shares, totaling 49.73 million yuan [1] - Major decliners included: - BeiYikang (6610Z6) with a closing price of 40.53, down 3.48% and a trading volume of 15,100 shares, totaling 62.29 million yuan [2] - Fuhua Co. (603219) closed at 18.06, down 3.32% with a trading volume of 65,600 shares, totaling 120 million yuan [2] Capital Flow - The small home appliance sector saw a net outflow of 22.88 million yuan from institutional investors, while retail investors had a net inflow of 18.71 million yuan [2] - The capital flow for key stocks showed: - Supor had a net inflow of 21.56 million yuan from institutional investors, while retail investors had a net outflow of 12.38 million yuan [3] - LeiKe Electric (603355) experienced a net inflow of 16.44 million yuan from institutional investors, with a net outflow of 15.57 million yuan from retail investors [3]

Group 1 - The small home appliance sector experienced a decline of 1.22% on January 30, with Hongzhi Technology leading the drop [1] - The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1] - Notable gainers in the small appliance sector included Fujia Co., which rose by 2.58% to a closing price of 18.68, and Rainbow Group, which increased by 1.92% to 23.33 [1] Group 2 - The small home appliance sector saw a net outflow of 123 million yuan from main funds, while retail investors contributed a net inflow of 105 million yuan [2] - Key stocks with significant fund flows included Feike Shiqi, which had a main fund net inflow of 8.34 million yuan, and Delmar, which saw a net inflow of 6.38 million yuan [3] - Conversely, Hongzhi Technology experienced a main fund net inflow of 739,500 yuan, but also had a significant retail net inflow of 610,200 yuan [3]

Core Insights - The traditional growth logic of "price for volume" is becoming unsustainable as market growth slows and consumer behavior becomes more rational, prompting leading brands to focus on technological innovation and strategic transformation in the home appliance industry [1] Group 1: Industry Trends - Key trends reshaping the home appliance industry include AI empowerment, health concepts, high-end positioning, and cross-industry integration [1] - The current monitoring period shows that Midea, GREE, and Panasonic lead the heat index rankings with scores of 1.92, 1.71, and 1.68 respectively [2][3] Group 2: Technological Innovations - Midea has launched a new dual-air outlet central air conditioning system aimed at providing a revolutionary user experience, while GREE focuses on AI and energy-saving technologies with its new product lines [4] - Haier emphasizes comprehensive air solutions and has introduced several innovative products, including the industry's first AI air conditioning group standard [4] Group 3: Strategic Transformations - The slowdown in industry growth has led brands to pursue high-end and cross-industry strategies for counter-cyclical growth, as seen with Skyworth's significant revenue increase driven by its new energy business [5] - High-end brands like Casarte have shown resilience, achieving positive growth in a challenging market, highlighting the importance of differentiated competitive strategies [5]

Group 1 - The kitchen small appliance market is experiencing a decline in revenue, with companies facing growth pressures and transformation challenges in Q3 2025 [2][3] - Supor reported Q3 revenue of 5.42 billion yuan, a year-on-year decrease of 2.30%, and a net profit of 426 million yuan, down 13.42% [3] - Aishida's Q3 revenue was 684 million yuan, down 16.98%, with a net loss of 62 million yuan, a staggering decline of 1284.20% [3] - Joyoung's Q3 revenue reached 1.598 billion yuan, down 10.99%, but its net profit increased by 101.11% to 854,600 yuan [3] Group 2 - The quality stability of kitchen small appliances has become a critical issue, with frequent reports of product failures affecting consumer trust [3] - Companies are urged to enhance quality management from the source and strengthen control over the downstream production chain to ensure high-quality output [3][4] - The market is shifting towards higher-priced products, with a 17.3% decline in online retail sales during the 2025 Double Eleven period, while the overall average price increased by 6.4% [5] - There remains a strong demand for high-quality, high-performance products, indicating potential for market upgrade [5] - Companies should focus on product quality control, optimize functionality and user experience, and drive structural growth through differentiated innovation [5]

Market Performance - The small home appliance sector increased by 0.65% on January 23, with ST Dehao leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Stock Performance - ST Dehao (002005) closed at 3.14, up 5.02% with a trading volume of 347,600 shares and a transaction value of 108 million yuan [1] - Other notable performers include: - Beiyikang (6610Z6) at 46.52, up 2.65% [1] - Kaineng Health (300272) at 7.98, up 2.31% [1] - Dechang Co. (605555) at 19.16, up 2.30% [1] - Joyoung (002242) at 10.90, up 1.68% [1] Capital Flow - The small home appliance sector experienced a net outflow of 45.04 million yuan from institutional investors, while retail investors saw a net inflow of 82.44 million yuan [2] - The overall capital flow indicates a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Lek Electric (603355) had a net inflow of 23.46 million yuan from institutional investors but a net outflow of 10.31 million yuan from retail investors [3] - ST Dehao (002005) saw a net inflow of 19.80 million yuan from institutional investors, with retail investors also showing a net outflow [3] - Other stocks like Dechang Co. (605555) and Kaineng Health (300272) also reflected similar trends in capital flow [3]

Group 1 - The small home appliance sector experienced a decline of 0.29% on January 22, with Stone Technology leading the drop [1][3] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - Major stocks in the small home appliance sector showed mixed performance, with notable gainers including Fuhua Co. (+2.37%) and Lek Electric (+2.35%) [1] Group 2 - The small home appliance sector saw a net outflow of 129 million yuan from institutional investors, while retail investors had a net inflow of 65.86 million yuan [3][4] - The top stock by net inflow from retail investors was Delmar, with a net inflow of 294.08 million yuan, indicating strong retail interest [4] - The overall trading volume in the small home appliance sector was significant, with Fuhua Co. and Lek Electric leading in transaction amounts [1][3]

Market Performance - The small home appliance sector increased by 0.5% compared to the previous trading day, with Lek Electric leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Individual Stock Performance - Lek Electric (603355) closed at 36.60, up 4.30%, with a trading volume of 52,700 shares and a transaction value of 190 million [1] - Other notable performers include: - Fuhua Co. (603219) at 18.15, up 2.60% [1] - Hongzhi Technology (920926) at 17.98, up 1.87% [1] - Liren Technology (001259) at 32.41, up 1.34% [1] - Xiaoneng Electric (002959) at 45.18, up 1.21% [1] - Ecovacs (603486) at 83.39, up 1.01% [1] Capital Flow Analysis - The small home appliance sector experienced a net outflow of 29.33 million from institutional investors and 43.37 million from retail investors, while retail investors saw a net inflow of 72.71 million [2] - Notable capital flows for specific stocks include: - Stone Technology (688169) had a net inflow of 24.03 million from institutional investors [3] - Lek Electric (603355) saw a net inflow of 19.94 million from institutional investors [3] - Fuhua Co. (603219) had a net inflow of 11.04 million from institutional investors [3]

Market Overview - The small home appliance sector experienced a decline of 0.94% on January 20, with Lek Electric leading the drop [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Stock Performance - Notable gainers in the small home appliance sector included: - Beiyikang (Code: 6610Z6) with a closing price of 46.45, up 4.74% and a trading volume of 34,000 shares, totaling 154 million yuan [1] - ST Dehao (Code: 002005) closed at 3.13, up 3.64% with a trading volume of 303,400 shares, totaling approximately 93.59 million yuan [1] - Major decliners included: - Lek Electric (Code: 603355) closed at 35.09, down 2.91% with a trading volume of 52,800 shares, totaling 186 million yuan [2] - Stone Technology (Code: 688169) closed at 152.33, down 2.60% with a trading volume of 52,700 shares, totaling 812 million yuan [2] Capital Flow - The small home appliance sector saw a net outflow of 140 million yuan from institutional investors, while retail investors experienced a net inflow of 56.31 million yuan [2] - Key stocks in terms of capital flow included: - Aikan Health (Code: 300272) with a net inflow of 17.69 million yuan from institutional investors, but a net outflow of 34.55 million yuan from retail investors [3] - Biyi Co. (Code: 603215) had a net inflow of 14.55 million yuan from institutional investors, with a net outflow of 29.66 million yuan from retail investors [3]

Core Viewpoint - The company, Supor, has announced that its wholly-owned subsidiary, Shaoxing Supor Household Appliances Co., Ltd., and Zhejiang Futenbao Home Products Co., Ltd. have received the "High-tech Enterprise Certificate" from relevant authorities, which will allow them to enjoy preferential tax policies for three years [1][2]. Group 1 - The "High-tech Enterprise Certificate" is valid for three years [1]. - The subsidiaries will benefit from a corporate income tax rate of 15% from January 1, 2025, to December 31, 2027, under the relevant tax regulations for high-tech enterprises [1].