杭州市消保委副秘书长华蓉表示："从前拧开水龙头，总得先放掉一段冰凉的冷水才能等来热水，如今 的热水器已实现零冷水直出，一打开就是适宜温度，未来智能家居会更人性化。此次交流会搭建了消费 者与企业的沟通平台，既帮助企业精准把握用户需求，也让消费者对行业优化方向有了更加清晰的认 知。接下来，杭州市消保委将持续关注智能家居行业发展与消费动态，推动实现'技术创新'与'消费保 障'协同共进，增强消费者的获得感、安全感和满意度。" 商报讯(通讯员杭小消记者毛雨希)下班后在手机上轻轻一点，到家时空调已精准调至26℃舒适温度。深 夜起夜无需摸索开关，感应灯便自动亮起……智能家居已经走进千家万户，成为提升生活品质的重要标 配。昨天，科学咖啡馆.智能家居消费新趋势交流会召开。本次交流会由杭州市消费者权益保护委员会 (以下简称"杭州市消保委")、浙江省科企新质生产力研究院、浙江省家用电器流通协会共同主办。浙江 艾维、小米、海尔智家（600690）、九阳股份（002242）、西门子家电等多家知名智能家居企业代表参 会，围绕行业发展趋势与消费体验提升展开深入交流。 交流会现场，各企业代表就产品研发、服务优化与标准共建等议题进行了充分探讨 ...

证券之星消息，11月6日小家电板块较上一交易日上涨0.77%，比依股份领涨。当日上证指数报收于 4007.76，上涨0.97%。深证成指报收于13452.42，上涨1.73%。小家电板块个股涨跌见下表： 从资金流向上来看，当日小家电板块主力资金净流入6227.07万元，游资资金净流入477.43万元，散户资 金净流出6704.5万元。小家电板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 605555 德昌股份 | | 4615.61万 | 12.83% | 24.22万 | 0.07% | -4639.82万 | -12.90% | | 300272 开能健康 | | 2451.30万 | 12.97% | -2.12万 | -0.01% | -2449.18万 | -12.96% | | 603215 比依股份 | | 820.39万 | 5.63% | -780.64万 | -5.36% ...

Core Insights - The small appliance industry has experienced significant growth post a "black swan" event five years ago, but recent quarterly reports indicate a divergence in performance among companies within the sector [2][12] - Leading companies in the cleaning appliance segment, such as Ecovacs and Roborock, continue to show strong growth, while traditional kitchen appliance manufacturers like Supor and Joyoung face revenue declines [2][12] Cleaning Appliances - Ecovacs reported a revenue of 12.877 billion yuan for the first three quarters, a year-on-year increase of 25.93%, with a net profit of 1.418 billion yuan, reflecting a staggering growth of 130.55% [3] - Roborock achieved a revenue of 4.163 billion yuan in the third quarter, a year-on-year growth of 60.71%, significantly surpassing the global average growth rate of 28% for smart cleaning devices [3] - The growth in cleaning appliances is driven by continuous technological upgrades, product innovations, and global channel expansion [3][4] - Despite high growth rates, Ecovacs faces challenges with a sequential decline in revenue and net profit in the third quarter compared to the second quarter, indicating potential market saturation [5] - Roborock is experiencing a "revenue growth without profit increase" scenario, with a net profit decline of 29.51% despite a revenue increase of 72.22% [6] Kitchen Appliances - The kitchen appliance sector is under pressure, with Supor reporting a slight revenue increase of 2.33% but a net profit decline of 4.66% for the first three quarters [7] - Joyoung's revenue decreased by 9.7% in the first three quarters, highlighting the overall market demand weakness in kitchen appliances [7] - Supor's performance is hindered by a reliance on the domestic market, which has stagnated, and an over-dependence on its parent company, SEB Group, for overseas sales [8] - Joyoung needs to find new growth avenues as its traditional product lines, like soybean milk machines, face declining market interest due to increased competition [11] Market Dynamics - The small appliance industry is witnessing a clear divide in performance based on product categories, with cleaning appliances benefiting from low penetration rates and innovation, while kitchen appliances struggle with market transformation challenges [12] - Companies like Bear Electric have managed to achieve growth through product innovation and channel optimization, indicating that adaptability is key in the current market landscape [12] - Recent developments in US-China trade relations may provide opportunities for small appliance companies to negotiate better pricing with overseas clients, potentially benefiting manufacturers like Supor [12]

Q3 单季收入同比下降：国内家电以旧换新政策提振厨房小家电行业需求。根据久谦数据，Q3 九阳线上 销售额YoY+16.5%，均价YoY+6.8%。分品类来看，Q3 九阳线上电压力锅、电磁炉、电蒸锅、豆浆机等 品类销售实现快速增长。我们分析Q3 公司内销业务增长向好。海外方面，海外方面，受美国加征关税 和公司关联交易业务调整的影响，我们判断Q3 公司海外业务承压。展望后续，国补持续刺激小家电内 销景气改善，九阳持续拓展新品和新渠道，收入规模有望回升。 Q3 单季盈利能力同比提升：九阳Q3 归母净利率为0.1%，同比+4.4pct。Q3 公司净利率提升主要受毛利 率提升拉动。Q3 公司毛利率同比+6.1pct。我们分析公司毛利率提升的主要原因包括：1）国补背景下 厨房小家电行业价格竞争缓解，同时公司推进产品结构提升，国内业务毛利率实现优化。2）低毛利率 的海外业务收入占比下降。 事件：九阳股份公布2025 年三季报。公司前三季度实现收入55.9 亿元，YoY-9.7%；实现归母净利润1.2 亿元，YoY+26.0%。 经折算，Q3 单季度实现收入16.0 亿元，YoY-11.0%；实现归母净利润85.5 万元，去 ...

2025 年 11 月 03 日 九阳股份(002242.SZ) Q3 单季毛利率同比显著改善 事件：九阳股份公布 2025 年三季报。公司前三季度实现收入 55.9 亿元，YoY-9.7%；实现归母净利润 1.2 亿元，YoY+26.0%。 经折算，Q3 单季度实现收入 16.0 亿元，YoY-11.0%；实现归母净 利润 85.5 万元，去年同期亏损 7732.9 万元。我们认为，Q3 九阳 外销仍有所承压，影响整体收入表现，期待后续经营改善弹性。 Q3 单季收入同比下降：国内家电以旧换新政策提振厨房小家电 行业需求。根据久谦数据，Q3 九阳线上销售额 YoY+16.5%，均价 YoY+6.8%。分品类来看，Q3 九阳线上电压力锅、电磁炉、电蒸锅、 豆浆机等品类销售实现快速增长。我们分析 Q3 公司内销业务增 长向好。海外方面，海外方面，受美国加征关税和公司关联交易 业务调整的影响，我们判断 Q3 公司海外业务承压。展望后续，国 补持续刺激小家电内销景气改善，九阳持续拓展新品和新渠道， 收入规模有望回升。 Q3 单季盈利能力同比提升：九阳 Q3 归母净利率为 0.1%，同比 +4.4pct。Q3 公司净利 ...

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]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 5.585 billion yuan for the first three quarters of 2025, a year-on-year decline of 9.66%. However, the net profit attributable to shareholders increased by 26.03% to 124 million yuan, and the net profit after deducting non-recurring items rose by 48.17% to 192 million yuan [2][5]. - In Q3 2025, the company achieved a revenue of 1.598 billion yuan, down 10.99% year-on-year, but the net profit attributable to shareholders surged by 101.11% to 854,600 yuan, with a non-recurring net profit of 542,910 yuan, up 106.67% [2][5]. - The company is actively adapting to changes in consumer channels and preferences, focusing on high-quality small household appliances and leveraging new emerging channels such as content e-commerce platforms [10]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company's gross margin was 26.92%, an increase of 2.20 percentage points year-on-year. The operating profit for the same period was 103 million yuan, a significant increase of 456.23% year-on-year, with an operating profit margin of 1.85%, up 1.55 percentage points [10]. - In Q3 2025, the gross margin was 26.22%, up 6.11 percentage points year-on-year, while the operating profit was -26.5868 million yuan, a reduction in losses of approximately 104 million yuan year-on-year [10]. Market Strategy - The company is positioning itself as a high-quality small appliance manufacturer, actively embracing changes in demand and channels, and optimizing operational efficiency. It aims to tap into potential consumer demand increments by enhancing product development and marketing strategies [10]. - The company is focusing on developing products that cater to the evolving preferences of consumers, particularly through platforms like Xiaohongshu, Douyin, and video channels, thereby improving brand loyalty and user engagement [10]. Future Outlook - The company forecasts net profits attributable to shareholders of 265 million yuan, 292 million yuan, and 331 million yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 27.91, 25.41, and 22.41 times [10].

Core Insights - The kitchen small appliance industry is experiencing a "ice and fire" situation, with some companies reporting strong revenue and profit growth, while others face declines in both metrics [2] - The disparity in performance among companies is attributed to differences in product innovation capabilities and the lifecycle stage of existing products [2][4] - The market is undergoing structural upgrades, with a shift towards high-end products driven by national subsidies and increased consumer standards for product updates [2][7] Company Performance - Beiding Co. reported revenue of 219 million yuan, a year-on-year increase of 18.98%, and a net profit of 27.1 million yuan, up 288.95% [3] - Xiaoxiong Electric achieved revenue of 1.156 billion yuan, a 14.73% increase, and a net profit of 41.01 million yuan, up 113.16% [3] - Joyoung Co. experienced mixed results, with revenue of 1.598 billion yuan, down 10.99%, but a net profit of 854,600 yuan, up 101.11% [5] - Xinbao Co. reported revenue of 4.481 billion yuan, down 9.78%, and a net profit of 298 million yuan, down 13.05% [5] - Supor Co. had revenue of 5.42 billion yuan, down 2.3%, and a net profit of 426 million yuan, down 13.42% [5][6] Market Trends - The kitchen small appliance market is transitioning from a "necessity" phase to a "quality" phase, with a focus on product upgrades and competition among existing products [7] - The overall retail sales of kitchen small appliances are projected to decline by 9.6% in 2023 and 0.8% in 2024, but are expected to rise by 9.3% in the first half of 2025 due to national subsidies [7] - The market is shifting towards improvement-driven demand, emphasizing smart, personalized, and aesthetically pleasing products [7][8] Strategic Directions - Companies are focusing on product innovation to address consumer needs for health, cooking enjoyment, and quality [8] - The market is moving from a "price war" to a "value war," with an increase in average prices for small appliances [8] - Companies are exploring international markets, but face challenges such as trade barriers and geopolitical uncertainties [9]

Core Viewpoint - The successful launch of the Shenzhou 21 manned spacecraft marks the beginning of a six-month mission for astronauts, supported by China's independently developed space kitchen, which has been operational for over 1500 days, ensuring the astronauts' dietary health [1][3]. Group 1: Space Kitchen Development - The space kitchen was developed to address challenges in providing astronauts with quality meals in the unique conditions of space, where heat conduction is poor and food heating is slow [1][3]. - The project began in 2013 when China's manned space program sought external research capabilities, leading to the selection of Joyoung, a small appliance company, in 2014 for its innovative technology [1][3]. Group 2: Technological Innovations - The space kitchen includes a water dispenser, hot air heating device, space soybean milk maker, and a smart app, which have successfully supported the dietary needs of multiple astronaut crews [3][5]. - The hot air heating device utilizes a unique "three-dimensional hot air circulation heating technology," allowing food to be heated in just 30 minutes, significantly improving meal quality for astronauts [3][5]. Group 3: Commercialization of Space Technology - Joyoung aims to leverage the technology developed for the space kitchen to enhance everyday life, introducing products like the ancient method health-preserving soybean milk maker and innovative rice cookers with precise temperature control [5][6]. - The application of space technology in consumer products demonstrates the potential for space innovations to benefit the general public, providing a valuable model for the effective transformation of space technology into civilian use [6].

Core Insights - Company Jiuyang has recently received multiple awards in the ESG field, including the "Zhejiang Charity Award" for its "Jiuyang Food Education Workshop" project and the "ESG New Benchmark Enterprise Award" from Securities Star [1][3] Financial Performance - In the third quarter of 2025, Jiuyang reported a significant increase in performance, with a non-GAAP net profit growth of 106.67% year-on-year, reaching 192.5 million yuan for the first three quarters, a 48.17% increase compared to the previous year, and a gross margin improvement to 26.92% [3] - According to Guosheng Securities, the retail growth of Jiuyang's core product categories is strong, with online sales for the first three quarters of 2025 showing increases of 4.7% for blenders, 26.5% for soybean milk machines, and 5.0% for rice cookers [3] Social Responsibility and Community Impact - Over the past 30 years, Jiuyang has been committed to public welfare, having established 1,654 public kitchens in underdeveloped rural schools by June 2025, benefiting over 600,000 teachers and students daily, significantly improving their dietary environment and nutritional status [4] - Jiuyang's initiatives reflect its commitment to social responsibility and sustainable development, integrating social value into its operational framework, which helps the company maintain competitive advantages across economic cycles [4]