A股小家电板块震荡走强，科沃斯封板涨停，石头科技涨超6%，北鼎股份、ST德豪、爱仕达等均涨超 2%，新宝股份等跟涨。 ...

证券研究报告 | 2025年07月07日 家电行业周报（25 年第 27 周） 优于大市 二季度家电内销景气环比提升，海外家电零售表现稳健 本周研究跟踪与投资思考：2025H1 我国家电内销迎来较快增长，Q2 景气环 比有所上行，其中空调、油烟机、燃气灶、扫地机等零售额增长超 15%。 上半年家电零售需求向好，空调、扫地机景气最高。2025H1 受益于国补拉动， 家电内销需求延续良好增长，Q2 增速更是有所上升，显示出家电行业强大的 活力。据奥维云网数据显示，2025 年前 26 周（截至 6 月 29 日），空调线上 /线下零售额同比分别+23.0%/+15.3%，冰箱线上/线下零售额同比 -5.8%/+10.0%，洗衣机线上/线下零售额同比+9.9%/+16.8%；油烟机、燃气 灶线上线下零售额增长超 20%，洗碗机线上线下同比分别+8.8%/+22.5%；厨 房小家电线上零售明显回暖，电饭煲线上线下零售额同比+16.1%/+9.1%，空 气炸锅、搅拌机线上增长超 10%；扫地机及洗地机延续较快增长趋势，线上 零售额增长均超 40%，线下同样实现强劲增长。 5 月家电内销出货增长良好，外销有所承压。产业在 ...

Core Viewpoint - The article discusses the collaborative efforts of various stakeholders to help foreign trade enterprises expand into the domestic market, enhancing their resilience against external uncertainties and improving their overall development certainty [1][3]. Group 1: Market Expansion Strategies - Foreign trade enterprises are adjusting their product direction to cater to domestic market demands, with a focus on optimizing financial services to support their transition [1][3]. - Companies like Xinbao Co., which has a significant portion of its sales from exports, are successfully leveraging e-commerce platforms to boost domestic sales, as seen during the Tmall "618" shopping festival [1][2]. - The domestic small home appliance market is expected to grow significantly, with companies planning to launch new products by 2025 [2]. Group 2: Government and Policy Support - The Ministry of Commerce is actively promoting the integration of domestic and foreign trade, providing support to foreign trade enterprises to help them navigate external challenges [3][4]. - Local governments are implementing policies to support foreign trade enterprises, such as including foreign trade products in consumption upgrade programs and organizing promotional events [4][5]. - E-commerce platforms are playing a crucial role in assisting foreign trade enterprises by providing financial support and facilitating their entry into the domestic market [5][6]. Group 3: Challenges and Recommendations - Foreign trade enterprises face challenges in adapting their products to meet domestic market needs, which may require significant time and resources [6][7]. - There is a need for enhanced financing support for foreign trade enterprises, particularly for small and medium-sized businesses, to help them manage the transition [7]. - Establishing communication platforms to connect foreign trade enterprises with domestic distribution channels is essential to reduce information gaps and facilitate market entry [7].

摘要 二季度受美国关税政策影响，公司出口订单受到冲击，尤其在 4 月初至 5 月中旬。虽然后期有所缓解，但关税问题未最终解决，产业链和业务 端仍存不确定性，目前接单平稳，未出现二次抢出口现象。 印尼基地二期建设虽遇挑战，但整体推进顺利。该基地定位为涵盖更多 品类和更大规模的生产，短期内难以完全达到预期，但公司正努力解决 实际问题，以提升运营效率。 国内小家电市场受益于国家补贴政策，一季度零售市场有所改善。但不 同品牌受益程度不同，如百胜图咖啡机因渠道单一性受益明显，而摩飞 因渠道完整性，受到的促进作用相对较小。 面对美国对钢铁制品小家电征收附加关税，公司未来可能更多依赖东南 亚地区（如印尼基地）出口，以规避高额关税风险，优化资源配置，稳 定企业发展。 2025 年各平台费用政策变化明显，公司对高费用渠道（如抖音）保持 谨慎，强调经营质量改善。摩飞品牌将在新兴市场适度加大推广投入， 但整体费用端影响不大。 Q&A 泡泡玛特进入小家电行业对市场的影响如何？ 新宝股份 20260626 小家电行业与消费者的生活品质追求密切相关，从早期偏功能性的产品逐步演 化为年轻化、个性化和体验感强的方向。新兴消费业态和具有影响力 ...

Core Viewpoint - The controlling shareholder, Dongling Group, has successfully completed a share buyback plan for Guangdong Xinbao Electric Co., Ltd., demonstrating confidence in the company's future growth and value [2][8]. Group 1: Share Buyback Plan - Dongling Group plans to increase its shareholding in the company by investing between RMB 30 million and RMB 50 million [2][4]. - The buyback period was set from April 10, 2025, to June 23, 2025, during which Dongling Group acquired a total of 3,584,300 shares, representing 0.4415% of the company's total share capital, for a total expenditure of RMB 50,003,759.80 [2][8]. - Prior to the buyback, Dongling Group held 350,934,879 shares, accounting for 43.2252% of the total share capital, and an additional 183,816,782 shares through its subsidiary, totaling 65.8662% [3][8]. Group 2: Implementation Details - The buyback was executed through the Shenzhen Stock Exchange, utilizing methods such as centralized bidding and block trading [5]. - Dongling Group committed to completing the buyback within the specified timeframe and refrained from selling any shares during the buyback period [6][11]. - The buyback aligns with relevant regulations, ensuring compliance with the Company Law, Securities Law, and other applicable guidelines [9][10].

特别提示： 证券代码：002705 证券简称：新宝股份 公告编码：（2025）040 号 广东新宝电器股份有限公司 关于控股股东增持公司股份计划实施完成的公告 公司控股股东广东东菱凯琴集团有限公司保证向本公司提供的信息内容真 实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 广东新宝电器股份有限公司（以下简称"新宝股份"、"公司"或"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 陈述或者重大遗漏。 公司控股股东广东东菱凯琴集团有限公司（以下简称"东菱集团"）计划自 本增持计划公告披露之日（2025年4月10日）起六个月内增持公司股份，拟增 持金额不低于人民币3,000万元，不高于人民币5,000万元。 2025年4月11日至2025年6月23日，东菱集团通过集中竞价交易方式累计增 持公司股份3,584,300股，占公司总股本的0.4415%，增持金额累计50,003,759.80 元。至此，东菱集团本次增持计划实施完成。 公司于2025年4月10日披露了《关于控股股东增持公司股份计划的公告》 （公告编码：2025-014号），公司控股股东东菱集团计划自本增持计划公告 ...

关于广东新宝电器股份有限公司 控股股东增持股份的 专项核查意见 国枫律证字[2025]AN102-1 号 GRANDWAY 北京国枫律师事务所 北京国枫律师事务所 Grandway Law Offices 北京市东城区建国门内大街 26 号新闻大厦 7 层 邮编： 100005 电话（Tel）: 010-88004488/66090088 传真（Fax): 010-66090016 北京国枫律师事务所 关于广东新宝电器股份有限公司 控股股东增持股份的 专项核查意见 国枫律证字[2025] AN102-1号 致: 广东新宝电器股份有限公司 北京国枫律师事务所接受广东新宝电器股份有限公司（以下称"新宝股份" 或"公司")的委托,就其控股股东广东东菱凯琴集团有限公司(以下称"东菱 集团"或"增持人"）于 2025年 4 月 11 日至 2025 年 6 月 23 日期间增持公司股 份(以下称"本次增持")相关事宜出具本专项核查意见。 对于本专项核查意见的出具,本所特作如下声明: 2. 本所及本所律师系根据本专项核查意见出具日以前已经发生或者存在的事 实和中国现行有效的法律、法规、规章及规范性文件发表专项核查意见;本 ...

广东新宝电器股份有限公司（以下简称"新宝股份"、"公司"或"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 陈述或者重大遗漏。 特别提示： 1、根据《中华人民共和国公司法》（以下简称"《公司法》"）《深圳证券 交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，公司回购证券 账户中股份不享有参与利润分配的权利。公司董事会及股东大会审议 2024 年年 度利润分配方案时，公司回购专户持股 6,356,700 股，利润分配的股本基数为公 司当时总股本811,875,780股扣除公司回购专户所持6,356,700股后的805,519,080 股。 2、公司本次实际现金分红总额=实际参与分配的总股本×分配比例，即 362,483,586.00 元=805,519,080 股×0.45 元/股。因公司已回购股份不参与分红，本 次现金分红实施前后公司总股本保持不变，本次分红派息实施后除权除息价格计 算时，每股现金红利应以 0.4464766 元/股计算（每股现金红利=现金分红总额/总 股本，即 0.4464766 元/股=362,483,586.00 元÷811,875,7 ...

Meeting Information - The shareholder meeting of Guangdong Xinbao Electric Co., Ltd. is scheduled for May 22, 2025, at 2:15 PM, with online voting available on the same day [2] - The meeting will be held at the company's office building, third floor conference room [2] Attendance - A total of 153 shareholders and their proxies attended the meeting, representing 539,446,364 shares, which is 66.9688% of the total voting shares [2] - Among the attendees, 149 were small shareholders, representing 32,885,946 shares, or 4.0826% of the total voting shares [3] Voting Results - The proposals were approved with significant majority votes, with 572,115,365 shares in favor, accounting for 99.9679% of the valid votes cast [3][4] - Small shareholders voted in favor with 32,702,201 shares, representing 0.3772% of the small shareholders' valid votes [4][6] Legal Opinion - The legal opinion provided confirms that the meeting procedures complied with relevant laws, regulations, and the company's articles of association, ensuring the legality and validity of the meeting and voting results [6][7]

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于广东新宝电器股份有限公司 2024 年年度股东大会的 1．本所律师仅就本次会议的召集与召开程序、召集人和出席现场会议人员资格、 会议表决程序及表决结果的合法性发表意见，不对本次会议所审议的议案内容及该等议 案所表述的事实或数据的真实性、准确性和完整性发表意见； 2．本所律师无法对网络投票过程进行见证，参与本次会议网络投票的股东资格、 网络投票结果均由相应的证券交易所交易系统和互联网投票系统予以认证； 3．本所及经办律师依据《证券法》《证券法律业务管理办法》《证券法律业务执业规 则》等规定及本法律意见书出具日以前已经发生或者存在的事实，严格履行了法定职责， 1 遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保证本法律意见所认定的事 实真实、准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述 或者重大遗漏，并承担相应法律责任； 法律意见书 国枫律股字[2025]A0274 号 致：广东新宝电器股份有限公司（ ...