然而，当投资者留言表示将热情拥抱"哈基米第一股"时，公司却在互动平台紧急发声："我们没有哈基 米相关产品。" 一位投资者在股吧中的调侃："双十一买了哈基米豆浆，没想到股票也能涨。" 11月13日下午收盘，九阳股份股价强势封上涨停板，报收11.06元/股，单日涨幅达10.05%。据市场传 言，这一异动背后，是一场由网络热梗"哈基米"引发的。 这一声明与公司近年来的战略调整方向一致。2023年10月的股权转让公告中，九阳股份明确表示，转让 九阳豆业股权是为了"更好聚焦小家电主业，推进长期可持续性发展"。值得注意的是，天眼查关系图谱 显示，九阳股份副董事长、董事韩润目前仍担任九阳豆业董事，但股权关系已彻底剥离。 营收承压但盈利改善，估值居高 涨停背后的"哈基米"迷雾 近日，一款名为"哈基米南北绿豆浆"的新品在"九阳豆浆官方旗舰店"上架，迅速引发网友热议。该产品 以"0脂肪、无乳糖""哈基米吸引力爆表"为卖点。 据百度百科显示，"哈基米"一词源于日语"はちみ"（蜂蜜）的音译，因动漫《赛马娘》中角色哼唱 的"蜂蜜之歌"走红网络，逐渐演变为萌宠、二次元文化的代表性符号，甚至入选《三联生活周刊》2023 年度十大热梗。20 ...

Group 1 - On November 13, Jiuyang Co., Ltd. (002242) experienced a rapid surge, reaching the daily limit for the first time in nearly a year [1] - Jiuyang clarified on an interactive platform that it does not have any products related to "Hachimi" [1] - The company's main business focuses on kitchen small appliances, and it does not engage in food or beverage products [1] Group 2 - On November 11, Jiuyang launched "Hachimi North-South Mung Bean Milk," which sparked significant market discussion [2] - Consumers expressed surprise and interest in Jiuyang's innovative approach to the "Hachimi" trend [2]

证券之星消息，11月13日小家电板块较上一交易日上涨1.3%，九阳股份领涨。当日上证指数报收于 4029.5，上涨0.73%。深证成指报收于13476.52，上涨1.78%。小家电板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 6610Z6 | 倍益康 | 36.87 | -1.78% | 3.13万 | | 1.15亿 | | 920926 | 鸿智科技 | 21.26 | -0.98% | 3.97万 | 8333.86万 | | | 002705 | 新宝股份 | 15.57 | -0.32% | 6.99万 | | 1.09亿 | | 002403 | 爰仕达 | 13.42 | -0.30% | - 3.48万 | 4664.98万 | | | 603219 | 富佳股份 | 16.86 | -0.12% | 2.72万 | 4582.61万 | | | 688793 | 倍轻松 | 30.54 | 0.00% | 8317.62 | 2533.6 ...

格隆汇11月13日丨九阳股份(002242.SZ)在互动平台表示，公司没有哈基米hachimi相关的产品，公司主 营业务及产品聚焦于厨房小家电领域，公司及其下属公司均不涉及食品、饮品类产品。 ...

人民财讯11月13日电，九阳股份（002242）今日在互动平台表示，公司没有哈基米hachimi相关的产 品，公司主营业务及产品聚焦于厨房小家电领域，公司及其下属公司均不涉及食品、饮品类产品。 ...

Core Insights - The smart home market is experiencing rapid growth, with increasing consumer demand for intelligent and convenient products [1][2] - Despite the growth, there is a rise in consumer complaints regarding slow after-sales service, high repair costs, and poor compatibility between different brands [1] - The event facilitated direct communication between consumers and companies, allowing for immediate feedback on issues such as battery life and cross-brand connectivity [2] Industry Trends - Smart home products are becoming essential for improving quality of life, with features like automated temperature control and motion-sensing lights gaining popularity [1] - The industry is urged to address consumer pain points to ensure long-term healthy development [1][2] Consumer Engagement - The event served as a platform for consumers to express their needs and for companies to understand user expectations better [2] - An initiative was launched by the Hangzhou Consumer Protection Committee to promote legal operations among smart home companies, focusing on quality control and service system development [2] Future Outlook - The Hangzhou Consumer Protection Committee aims to enhance consumer satisfaction and safety by promoting collaboration between technological innovation and consumer protection [2]

Market Overview - The small home appliance sector increased by 0.77% compared to the previous trading day, with Bi Yi Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Stock Performance - Bi Yi Co., Ltd. (603215) closed at 21.05, up 3.34% with a trading volume of 69,500 shares and a turnover of 146 million yuan [1] - Other notable performers include: - Kai Neng Health (300272) at 6.91, up 2.98% [1] - Lek Electric (603355) at 25.95, up 2.57% [1] - Dechang Co., Ltd. (605555) at 19.53, up 2.04% [1] - ST Dehao (002005) at 2.73, up 1.49% [1] Capital Flow - The small home appliance sector saw a net inflow of 62.27 million yuan from institutional investors, while retail investors experienced a net outflow of 67.04 million yuan [2] - The main capital inflow was concentrated in Dechang Co., Ltd. with a net inflow of 46.16 million yuan [3] - Kai Neng Health also attracted significant institutional investment with a net inflow of 24.51 million yuan [3] Individual Stock Capital Flow - Bi Yi Co., Ltd. had a net inflow of 8.20 million yuan from institutional investors, but retail investors withdrew 39.75 million yuan [3] - Other stocks with notable capital flows include: - Su Poer (002032) with a net inflow of 3.66 million yuan from institutional investors [3] - Jiu Yang Co., Ltd. (002242) with a net inflow of 3.49 million yuan from institutional investors [3]

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]

Core Insights - Jiuyang Co., Ltd. reported a revenue of 5.59 billion yuan for the first three quarters of 2025, a year-over-year decrease of 9.7%, while achieving a net profit attributable to shareholders of 120 million yuan, a year-over-year increase of 26.0% [1] - In Q3 alone, the company generated a revenue of 1.6 billion yuan, down 11.0% year-over-year, but turned a profit of 855,000 yuan compared to a loss of 77.32 million yuan in the same period last year [1] - The company’s online sales increased by 16.5% year-over-year in Q3, with an average price increase of 6.8%, indicating strong domestic demand driven by the appliance replacement policy [1] Revenue Performance - Q3 revenue showed a decline primarily due to pressure on overseas sales, influenced by U.S. tariffs and adjustments in related party transactions [1] - Domestic sales of kitchen small appliances benefited from government incentives, leading to improved performance in the domestic market [1] Profitability Analysis - Q3 net profit margin was 0.1%, an increase of 4.4 percentage points year-over-year, driven by a rise in gross margin, which increased by 6.1 percentage points [2] - The improvement in gross margin was attributed to reduced price competition in the kitchen small appliance sector and a shift in product mix, enhancing domestic business profitability [2] Cash Flow and Investment Outlook - Operating cash flow in Q3 decreased by 180 million yuan year-over-year, primarily due to increased inventory levels [2] - Jiuyang is expected to benefit from ongoing government subsidies stimulating domestic small appliance consumption and a gradual stabilization of export business, indicating potential for revenue recovery [2] - The company’s projected EPS for 2025 to 2027 is 0.23 yuan, 0.35 yuan, and 0.42 yuan respectively, maintaining a "Buy-A" investment rating with a target price of 12.15 yuan based on a 35 times dynamic P/E ratio for 2026 [2]

Investment Rating - The investment rating for the company is maintained at "Buy-A" with a 12-month target price of 12.15 CNY [4]. Core Insights - The company reported a significant improvement in gross margin year-on-year for Q3, with a gross margin increase of 6.1 percentage points [2]. - The company's revenue for the first three quarters was 5.59 billion CNY, a year-on-year decrease of 9.7%, while the net profit attributable to shareholders was 120 million CNY, an increase of 26.0% year-on-year [1][2]. - Q3 revenue was 1.6 billion CNY, down 11.0% year-on-year, but the net profit for the quarter was 855,000 CNY, a recovery from a loss of 77.32 million CNY in the same period last year [1][2]. Financial Performance Summary - The company’s Q3 net profit margin was 0.1%, up 4.4 percentage points year-on-year, primarily driven by the improvement in gross margin [2]. - The company’s operating cash flow for Q3 decreased by 180 million CNY year-on-year, attributed to increased inventory [2]. - The forecasted earnings per share (EPS) for 2025, 2026, and 2027 are 0.23 CNY, 0.35 CNY, and 0.42 CNY respectively [2][3]. Revenue and Profit Trends - The company’s revenue growth rate is projected to decline in 2025 to 83.1 billion CNY, followed by a slight recovery in 2026 and 2027 [3][10]. - The net profit is expected to increase to 1.8 billion CNY in 2025, 2.7 billion CNY in 2026, and 3.2 billion CNY in 2027 [3][10]. Market Position and Outlook - The company is positioned as a leading brand in the domestic small home appliance industry, benefiting from government subsidies that are expected to stimulate consumer demand [2]. - The company is focusing on expanding new products and channels, which is anticipated to enhance revenue growth in the future [1][2].