投资者： 上游原材料价格上涨对公司影响大吗？ 截至2026年2月4日收盘，新宝股份(002705)报收于14.11元，上涨0.36%，换手率1.18%，成交量9.55万 手，成交额1.34亿元。 董秘最新回复 投资者： 人民币兑美元大幅升值，对公司的利润影响大吗？ 董秘： 您好，感谢您对公司的关注。公司出口业务占比75%左右，主要以美元结算。人民币短期内快 速升值对公司出口业务会产生一定的影响。公司会持续关注宏观经济及汇率走势，加强外汇风险管理， 通过外汇衍生品对冲、择机安排结汇等措施来降低汇率波动风险。长期来看，公司将通过核心竞争力的 提升，不断提高公司产品的市场议价能力，保持持续稳健的经营。公司具体业绩请关注公司披露的定期 报告或相关公告，注意投资风险，谢谢！ 董秘： 您好，感谢您对公司的关注。公司上游原材料种类较多，公司会定时分析大宗原材料供求及价 格波动情况采取策略性采购安排。同时，公司OEM/ODM的订单周期较短，产品重新议价时会综合考虑 汇率、原材料价格等多方面因素。长期来看，公司将通过核心竞争力的提升，不断提高公司产品的市场 议价能力。公司具体业绩请关注公司披露的定期报告或相关公告，注意投资风险 ...

Market Performance - The small home appliance sector increased by 0.89% on February 4, with Fujia Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Stock Performance - Fujia Co., Ltd. (603219) closed at 19.40, up 3.47% with a trading volume of 101,300 shares and a transaction value of 192 million [1] - Lek Electric (603355) closed at 34.10, up 3.30% with a trading volume of 45,800 shares and a transaction value of 154 million [1] - Joyoung Co., Ltd. (002242) closed at 10.69, up 2.49% with a trading volume of 83,600 shares and a transaction value of 88.37 million [1] - Other notable stocks include Stone Technology (688169) which closed at 147.32, up 1.53% with a transaction value of 486 million [1] Capital Flow - The small home appliance sector experienced a net outflow of 56.84 million from institutional investors, while retail investors saw a net outflow of 6.16 million [2] - Conversely, speculative funds recorded a net inflow of 63.01 million [2] Individual Stock Capital Flow - Fujia Co., Ltd. had a net inflow of 29.21 million from institutional investors, but a net outflow of 28.55 million from retail investors [3] - Joyoung Co., Ltd. saw a net inflow of 6.15 million from institutional investors, with a net outflow of 4.35 million from retail investors [3] - Lek Electric had a net inflow of 4.43 million from institutional investors and a net inflow of 9.39 million from speculative funds [3]

Core Viewpoint - The company acknowledges the impact of rising upstream raw material prices but emphasizes its strategic procurement and pricing strategies to mitigate these effects [1]. Group 1: Company Response to Investor Inquiry - The company has a diverse range of upstream raw materials and regularly analyzes supply and price fluctuations to implement strategic procurement arrangements [1]. - The company highlights that its OEM/ODM order cycles are short, allowing for product re-pricing that considers multiple factors such as exchange rates and raw material costs [1]. - Long-term, the company aims to enhance its core competitiveness to improve market pricing power for its products [1].

（编辑 楚丽君） 证券日报网讯 2月3日，新宝股份在互动平台回答投资者提问时表示，二级市场股价的波动受市场环 境、投资者判断等多方面因素影响，公司会努力做好自身经营，实现可持续发展。重大信息请关注公司 在指定媒体发布的相关公告。 ...

Core Viewpoint - Recent increases in raw material prices, particularly copper and aluminum, have raised concerns about the profitability of leading white goods companies, but historical data suggests that the negative impact on gross margins may diminish over time [1][2] Group 1: Raw Material Price Impact - Since 2008, the home appliance industry has experienced three significant raw material price increase cycles, with the impact on gross margins decreasing over time: the highest quarterly gross margin decline was 5-7 percentage points during 2009-2011, around 5 percentage points in 2016-2017, and approximately 2 percentage points from 2020-2022 [1] - In January 2026, copper and aluminum prices increased by 36.7% and 20.9% year-on-year, respectively, which is lower than the increases seen from 2020-2022, suggesting that the current raw material cost impact on white goods companies may be less severe [2] Group 2: Production and Demand Trends - In February, the total production of white goods in China reached 23.79 million units, a 22.1% decrease compared to the same period last year, with a projected 5.0% decline for January-February combined [3] - The production performance of white goods has shown signs of recovery, with the impact of the Spring Festival timing affecting February production, but cumulative growth for January-February has slightly improved [3] Group 3: Retail Market Performance - In 2025, the retail scale of China's home appliance market is expected to decline by 4.3% year-on-year to 893.1 billion yuan, with specific categories like air conditioners and refrigerators experiencing declines of 0.4% and 11.5%, respectively [4] - Small home appliances are expected to perform better, with an overall retail growth of 3.8%, indicating a relative resilience compared to larger appliances [4] Group 4: Key Data Tracking - In January, the home appliance sector experienced a relative return of -2.6%, with raw material prices for copper and aluminum increasing by 7.8% and 4.8% month-on-month, respectively [5] Group 5: Investment Recommendations - Recommended stocks in the white goods sector include Midea Group, Haier Smart Home, TCL Smart Home, and Hisense Home Appliances, while TCL Electronics and Hisense Visual are recommended in the black goods sector [6]

Group 1 - The core business of the company is the research, production, and sales of small home appliances, indicating a strong competitive position in the market [1] - The company recognizes that smart products are a key direction for industry development and has established an electrical research institute to support future product innovations [1]

证券日报网讯2月2日，新宝股份（002705）在互动平台回答投资者提问时表示，截至2026年1月30日收 市后，公司股东总户数(未合并融资融券信用账户)28587户，其中机构户数是3393户。 ...

Core Views - The report maintains an "Outperform" rating for the home appliance industry, indicating a positive outlook despite recent challenges [5][3] - Rising raw material prices, particularly copper and aluminum, are expected to have a limited impact on the profitability of leading white goods manufacturers, as historical data shows diminishing effects over time [1][17] - The report anticipates that the overall gross margin decline for white goods companies will be less than 2 percentage points due to price adjustments and cost-saving measures [1][17] Production and Demand Trends - In February, the total production of white goods in China reached 23.79 million units, reflecting a year-on-year decline of 22.1%, but the rate of decline is improving compared to previous months [2][24] - The cumulative production decline for January and February is estimated at 5%, showing signs of recovery driven by government subsidy policies [2][24] - The report highlights that the demand for white goods is expected to stabilize and recover as the effects of national subsidy policies continue to manifest [2][24] Retail Market Performance - The retail scale of China's home appliance market is projected to decline by 4.3% in 2025, with small appliances showing relatively better performance [2][31] - Specific categories such as air conditioners and refrigerators are experiencing significant declines in retail sales, while kitchen small appliances are expected to see growth [2][31] Key Investment Recommendations - The report recommends several companies for investment, including Midea Group, Haier Smart Home, TCL Smart Home, and Hisense Home Appliances in the white goods sector, and Stone Technology and Bear Electric in the small appliances sector [3][12] - The report emphasizes the importance of companies with strong overseas growth potential and solid domestic performance, particularly those benefiting from cost reduction and efficiency improvements [12][14] Company Profitability Forecasts - The report provides profitability forecasts for key companies, indicating expected earnings per share (EPS) growth for Midea Group, Haier Smart Home, and TCL Smart Home, among others [4][50] - The projected price-to-earnings (PE) ratios for these companies suggest favorable valuations compared to historical averages, supporting the investment thesis [4][50]

Core Views - The report maintains an "Outperform" rating for the home appliance industry, indicating a positive outlook despite challenges from rising raw material prices and market competition [1][5][11]. Raw Material Price Impact - Recent increases in copper and aluminum prices have raised concerns about the profitability of leading white goods manufacturers. However, historical analysis shows that the negative impact of raw material cost increases on gross margins has diminished over time. For instance, during previous cycles from 2008 to 2022, the maximum quarterly gross margin decline for leading white goods companies was 5-7 percentage points in 2009-2011, around 5 percentage points in 2016-2017, and only about 2 percentage points in 2020-2022. The current price increases are expected to have a lesser impact, with an anticipated gross margin decline of less than 2 percentage points [1][17][18]. Production and Demand Trends - In January and February 2026, the total production of white goods in China was 23.79 million units, reflecting a year-on-year decline of 22.1%. However, the cumulative production decline for the first two months is expected to be around 5%. The production performance has shown signs of recovery compared to a more than 10% decline in Q4 2025. The demand is expected to stabilize due to the effects of national subsidy policies [2][24]. Retail Market Performance - The retail market for home appliances in China is projected to decline by 4.3% in 2025, with a total retail scale of 893.1 billion yuan. Specific categories such as air conditioners and refrigerators are expected to see declines of 0.4% and 11.5%, respectively, while small kitchen appliances are expected to grow by 3.8% [2][31]. Investment Recommendations - The report recommends several companies for investment based on their performance and market position. For white goods, companies like Midea Group, Haier Smart Home, TCL Home, and Hisense Home Appliances are highlighted. In the small appliance sector, Stone Technology, Bear Electric, and New Treasure are recommended. For black goods, TCL Electronics and Hisense Visual are suggested [3][12][50]. Company Earnings Forecasts - The report provides earnings forecasts for key companies, indicating that Midea Group is expected to have an EPS of 5.84 yuan in 2025 and 6.43 yuan in 2026, with a PE ratio of 13 for 2025. Haier Smart Home is projected to have an EPS of 2.27 yuan in 2025 and 2.53 yuan in 2026, with a PE ratio of 11 for 2025 [4][50].

格隆汇2月2日丨新宝股份(002705.SZ)在投资者互动平台表示，公司目前的主营业务是小家电研发、生 产、销售，综合竞争力较强，智能化产品是行业发展的方向之一，公司已成立电器研究院，将为公司未 来产品提供更多的基础技术支撑。 ...