| 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司股 东的净利润 | 盈利: 14,000 万元-20,500 万元 | 盈利:65,762.55 万元 | | | 比上年同期下降:68.83%-78.71% | | | 如除非经常使损益 后的净利润 | 盈利: 21,000 万元-31,000 万元 | 盈利:65,642.43万元 | | | 比上年间期下降:52.77%-68.01% | | | 基本每股收益 | 盈利:0.19元/股-0.28元/股 | 盈利:0.88 元/股 | 万和电气表示，2025年业绩大幅度下滑的主要原因有五方面：一是泰国和埃及工厂相继投产，导致固定资产折旧、前期运营筹备及市场开拓等成本费用阶 段性增长；二是出口业务收入占比稳步提升，但为抢抓市场订单适度调整定价策略，导致毛利率有所下降；三是公司加大了促销费用投入，提升品牌市场 渗透率，并在数字化建设和研发领域增加投入，进一步提升运营效率；四是受员工薪酬及社保费用上涨影响，管理费用同比小幅增长。公司加码新能源领 域研发投入，研发费用相应提升。叠加汇兑损失影响，财务费用亦有所增加； ...

Core Viewpoint - Wanhe Electric (002543.SZ) expects a significant decline in net profit for 2025, projecting a range of 140 million to 205 million yuan, which represents a decrease of 68.83% to 78.71% compared to the previous year [1] Financial Performance - The net profit attributable to shareholders is forecasted to be between 140 million and 205 million yuan, indicating a substantial year-on-year decline [1] - The net profit after deducting non-recurring gains and losses is estimated to be between 210 million and 310 million yuan, reflecting a decrease of 52.77% to 68.01% year-on-year [1] Impact Factors - The preliminary valuation results from Qianhai Equity Investment Fund indicate a decrease in fair value change income by approximately 30.49 million yuan year-on-year [1] - A reduction in government subsidies is expected to lead to a decrease in other income by about 26.26 million yuan year-on-year [1] - Both of these impacts are included in non-recurring gains and losses [1]

南财智讯1月30日电，万和电气发布2025年度业绩预告，预计2025年全年归属于上市公司股东的净利润 为1.40亿元—2.05亿元，同比预减68.83%—78.71%；预计2025年全年归属于上市公司股东的扣除非经常 性损益的净利润为2.10亿元—3.10亿元，同比预减52.77%—68.01%。报告期内，公司始终锚定既定战略 发展规划，紧跟行业发展节奏，主动研判并积极应对外部市场环境的复杂变化与消费趋势的迭代升级， 多措并举推进经营布局优化与业务提质增效。本期业绩变动主要原因如下：1.泰国、埃及工厂相继投 产，新厂尚处于产能爬坡阶段，固定资产折旧摊销、前期运营筹备及市场开拓等成本费用阶段性增长， 对本期净利润造成一定影响。长期来看，海外生产基地的落地将完善公司全球化产能布局，降低物流、 关税等综合成本，提升海外市场响应速度与市场份额，为公司长远发展及持续盈利能力提升奠定坚实基 础。2.公司持续推进海外市场布局，出口业务收入占比稳步提升，出口业务为抢抓市场订单适度调整定 价策略，导致毛利率有所下降。公司后续将搭建冲量款、利润款、溢价款分层产品矩阵，对基础款适度 让利抢单并严控占比，定制款打造技术溢价；将资源向 ...

Financial Performance Expectations - The company expects a net profit of 140 million yuan for 2025, representing a decline of 68.83% to 78.71% compared to the previous year's profit of 657.63 million yuan [2]. - The net profit after deducting non-recurring gains and losses is projected to be 210 million yuan, down by 52.77% to 68.01% from 656.42 million yuan in the same period last year [2]. - Basic earnings per share are anticipated to be 0.19 yuan, a decrease from 0.88 yuan per share in the previous year [2]. Operational Challenges - The establishment of factories in Thailand and Egypt is currently in the capacity ramp-up phase, leading to increased costs that impact net profit [4]. - The company is enhancing its overseas market presence, with export business revenue steadily increasing, although this has resulted in a decline in gross margin due to pricing adjustments [5]. - Increased promotional expenses are being allocated to optimize offline terminal layouts and enhance online marketing effectiveness, including live streaming and community marketing [6]. - Rising employee compensation and social security costs have led to a slight increase in management expenses, alongside increased R&D investment in the new energy sector [6]. Income and Valuation Changes - The company anticipates a decrease in fair value change income by approximately 30.49 million yuan due to preliminary fund valuation results [6]. - Other income is expected to decrease by about 26.26 million yuan due to reduced government subsidies [6]. - The company has not identified any significant uncertainties that would affect the accuracy of this earnings forecast [7].

Core Viewpoint - The kitchen and bathroom appliance sector experienced a 2.18% increase on January 29, with Boss Electric leading the gains, while the overall market showed mixed results with the Shanghai Composite Index rising by 0.16% and the Shenzhen Component Index falling by 0.3% [1] Group 1: Market Performance - The closing price of Boss Electric was 21.51, reflecting a 7.07% increase, with a trading volume of 229,400 shares and a transaction value of 482 million yuan [1] - Other notable performers included Vatti Corporation with a 2.09% increase, Aupu Technology with a 1.72% increase, and Shuaifu Electric with a 1.47% increase [1] - The overall kitchen and bathroom appliance sector saw a net outflow of 30.67 million yuan from main funds, while retail investors contributed a net inflow of 32.48 million yuan [1] Group 2: Fund Flow Analysis - Boss Electric had a main fund net inflow of 19.57 million yuan, but retail investors showed a net outflow of 16.25 million yuan [2] - Vatti Corporation experienced a main fund net inflow of 3.44 million yuan, while retail investors had a net inflow of 0.97 million yuan [2] - Zhejiang Meida saw a main fund net inflow of 3.00 million yuan, with retail investors contributing a net outflow of 9.26 million yuan [2]

Market Overview - The kitchen and bathroom appliance sector experienced a decline of 1.46% on January 28, with "Rising Sun" leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Stock Performance - Key stocks in the kitchen and bathroom appliance sector showed varied performance, with "Zhejiang Meida" down 3.29% and "Rising Sun" down 3.81% [1] - "Boss Electric" closed at 20.09, down 0.10%, with a trading volume of 60,800 shares and a transaction value of 122 million [1] - "Mars Man" saw a decline of 2.10%, closing at 11.64, with a trading volume of 48,900 shares and a transaction value of 57.22 million [1] Capital Flow - The kitchen and bathroom appliance sector saw a net outflow of 132 million from main funds, while retail investors contributed a net inflow of 108 million [1] - "Rising Sun" experienced a significant net outflow of 899.64 million from main funds, but a net inflow of 894.40 million from retail investors [2] - "Mars Man" had a net outflow of 1,223.97 million from main funds, with a net inflow of 565.22 million from retail investors [2]

Group 1 - The kitchen and bathroom appliance sector experienced a decline of 1.42% on January 26, with Shuaifeng Electric leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] - Notable stock performances included Rising Sun Oriental with a gain of 5.30% and Shuaifeng Electric with a loss of 9.97% [1] Group 2 - The kitchen and bathroom appliance sector saw a net inflow of 72.895 million yuan from main funds, while retail investors experienced a net outflow of 51.9875 million yuan [1] - Main fund inflows and outflows for specific stocks showed that Rising Sun Oriental had a net inflow of 1.3 billion yuan, while Shuaifeng Electric had a significant outflow of 8.7112 million yuan [2] - The overall trading volume for the sector was highlighted, with Shuaifeng Electric's trading volume at 15,700 shares and a transaction amount of approximately 24.7965 million yuan [1]

Group 1 - The kitchen and bathroom appliance sector increased by 0.72% on January 22, with Boss Electric leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - Key stocks in the kitchen and bathroom appliance sector showed varied performance, with Boss Electric closing at 20.28, up 1.65%, and other notable stocks like Mars Man and Zhejiang Meida also showing positive gains [1] Group 2 - The net capital flow in the kitchen and bathroom appliance sector showed a net outflow of 10.65 million yuan from institutional investors and 21.11 million yuan from retail investors, while individual investors had a net inflow of 31.76 million yuan [1] - Specific stock performances indicated that Zhejiang Meida had a net inflow of 5.59 million yuan from institutional investors, while Boss Electric experienced a net outflow of 1.19 million yuan [2] - The overall capital flow dynamics suggest a mixed sentiment among different investor categories, with retail investors showing a preference for certain stocks despite the overall outflows from institutional and speculative investors [2]

Core Viewpoint - Mars Integrated Stove has faced significant criticism for its marketing strategy, which has been perceived as "selling anxiety" by referencing critical life milestones. The company has since updated its promotional materials, indicating a shift from a technology-focused narrative to one that resonates emotionally, possibly reflecting underlying growth concerns [1][2][9]. Financial Performance - Mars Integrated Stove has experienced a continuous decline in revenue and net profit for four consecutive years, with revenue dropping from 2.319 billion yuan in 2021 to 577 million yuan in the first three quarters of 2025, and net profit declining from 375.7 million yuan to a loss of 218 million yuan during the same period [1][2][11]. - The annual revenue figures from 2022 to 2025 are as follows: 2.277 billion yuan (2022), 2.139 billion yuan (2023), 1.376 billion yuan (2024), and 577 million yuan (2025), with year-on-year declines of 1.81%, 6.03%, 35.68%, and 43.03% respectively. The net profit figures show a similar trend, with declines of 16.29%, 21.39%, 95.49%, and 1546.12% [2][11][12]. Market Context - The integrated stove industry is closely tied to the real estate market, and the recent slowdown in new housing deliveries has negatively impacted business growth. However, compared to competitors like Boss Electric and Vanward Electric, Mars Integrated Stove's revenue and profit declines are more severe, suggesting that internal factors also play a significant role [3][12]. Operational Challenges - Key operational issues contributing to Mars Integrated Stove's performance include an over-reliance on integrated stoves (over 80% of product mix), a lack of product innovation (low R&D spending), and a dependence on a "burning money for growth" strategy. These factors have exacerbated the company's performance decline [4][13]. - The company's sales expense ratio surged to 46.8% in the first three quarters of 2025, up from 27.47% the previous year, yet this increase in marketing expenditure coincided with a significant revenue drop of 43.03% and a net profit decline of 1546.12% [4][13]. Shareholder Actions - Recent significant share reductions by major shareholders indicate a lack of confidence in the company's future. For instance, from October 14, 2025, to January 13, 2026, major shareholders reduced their holdings by a total of 5.293 million shares, representing a 1.30% decrease [5][14]. Management Changes - In response to ongoing performance issues, Mars Integrated Stove has undergone significant management changes, including the resignation of key executives and the appointment of new leadership from Vanward Electric. This includes the new marketing general manager, who has a track record of successful strategies in the industry [6][10][17]. - The company has also implemented salary reductions for top executives, reflecting the urgency of addressing the declining performance. Total compensation for executives decreased by approximately 22% from the previous year [15][16]. Strategic Considerations - The future direction of Mars Integrated Stove remains uncertain, as the company must decide whether to continue focusing on integrated stoves or expand into broader kitchen appliance solutions. The effectiveness of new management in addressing these strategic challenges is yet to be determined [8][18].

Group 1 - The core point of the article is the appointment of Huang Ping as a non-independent director of Guangdong Vanward New Electric Co., Ltd. on January 17 [1] Group 2 - Huang Ping, born in December 1987, is a Chinese national with no permanent residency abroad and holds a bachelor's degree in law [4] - He served as the Deputy Director of the Legal and Risk Control Department from March 2011 to October 2021 and has held various positions in Guangdong Hongte Technology Co., Ltd. since March 2019 [4] Group 3 - Guangdong Vanward New Electric Co., Ltd. was established in August 1993 and is headquartered in Shunde District, Foshan [5] - The company has developed into a leading manufacturer of water heaters, kitchen appliances, and hot water systems in China, with seven global bases covering over 1 million square meters and an annual production capacity exceeding 15 million units [5] - Vanward is recognized as a pioneer in the development of gas appliances in China and is a key high-tech enterprise under the National Torch Program [5]