丨证券研究报告丨 公司研究丨点评报告丨小熊电器（002959.SZ） [Table_Title] 外销增速亮眼、内销国补助力，2025Q2 业绩大 幅改善 报告要点 [Table_Summary] 2025 年上半年，公司实现营业收入 25.35 亿元，同比增长 18.94%；实现归母净利润 2.05 亿 元，同比增长 27.32%；实现扣非归母净利润 1.87 亿元，同比增长 52.45%。其中，2025 年第 二季度，公司实现营收 12.15 亿元，同比增长 29.58%；实现归母净利润 0.75 亿元，同比增长 641.50%，实现扣非归母净利润 0.63 亿元，同比下滑 657.00%。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 小熊电器（002959.SZ） cjzqdt11111 [Table_Title 外销增速亮眼、内销国补助力， 2] 2025Q2 业绩大 幅改善 [Table_Summary2] 事件描述 公司发布 2025 ...

证券之星消息，9月1日小家电板块较上一交易日下跌1.38%，科沃斯领跌。当日上证指数报收于 3875.53，上涨0.46%。深证成指报收于12828.95，上涨1.05%。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) | | --- | --- | --- | --- | --- | --- | | 603486 | 科沃斯 | 93.00 | -4.01% | 9.79万 | 9.32亿 | | 002242 | 九阳股份 | 9.71 | -3.77% | 17.26万 | 1.68亿 | | 603219 | 富佳股份 | 18.68 | -3.31% | 17.83万 | 3.36亿 | | 002705 | 新宝股份 | 15.82 | -3.30% | 16.05万 | 2.56亿 | | 301187 | 欧圣电气 | 30.56 | -2.83% | 5.00万 | 1.53亿 | | 603868 | 飞科电器 | 38.43 | -2.29% | 1.83万 | 7056.01万 | | 603355 | 莱克电气 | 22.5 ...

《2024Q4 业绩显著改善，罗曼智能或 赋能内外销增长 —公司信息更新报 告》-2025.4.10 | 日期 | 2025/8/29 | | --- | --- | | 当前股价(元) | 52.46 | | 一年最高最低(元) | 56.41/34.80 | | 总市值(亿元) | 82.38 | | 流通市值(亿元) | 79.58 | | 总股本(亿股) | 1.57 | | 流通股本(亿股) | 1.52 | | 近 3 个月换手率(%) | 78.56 | 股价走势图 -16% 0% 16% 32% 48% 64% 2024-09 2025-01 2025-05 小熊电器 沪深300 数据来源：聚源 相关研究报告 《2024Q3 罗曼智能并表致营收恢复， 盈利能力仍受内需竞争压力影响—公 司信息更新报告》-2024.11.1 家用电器/小家电 小熊电器（002959.SZ） 2025Q2 业绩高增兑现，外延并购罗曼智能收效显著 2025 年 09 月 01 日 投资评级：买入（维持） 《高基数+行业需求疲弱竞争激烈致 2024Q2 业绩仍承压，外销双位数增长 —公司信息更新报告》-2024.9.1 ...

信澳消费优选混合A（610007）成立日期2012年9月4日，最新规模2168.43万。今年以来收益2.73%，同 类排名7393/8254；近一年收益14.07%，同类排名6346/8037；成立以来收益80.78%。 信澳消费优选混合A（610007）基金经理为刘维华。 截至发稿，刘维华累计任职时间4年204天，现任基金资产总规模4.33亿元，任职期间最佳基金回报 2.11%， 任职期间最差基金回报-34.89%。 9月1日，小熊电器涨5.13%，截至发稿，报55.15元/股，成交2.73亿元，换手率3.38%，总市值86.61亿 元。 资料显示，小熊电器股份有限公司位于广东省佛山市顺德区勒流街道富安工业区富兴路3号，成立日期 2006年3月16日，上市日期2019年8月23日，公司主营业务涉及创意小家电研发、设计、生产和销售。主 营业务收入构成为：厨房小家电66.02%，个护小家电12.77%，生活小家电8.09%，母婴小家电5.73%， 其他小家电5.35%，其他(补充)2.04%。 从基金十大重仓股角度 数据显示，信达澳亚基金旗下1只基金重仓小熊电器。信澳消费优选混合A（610007）二季度持有股数 ...

Group 1 - The core viewpoint of the news is the performance and market position of Xiaoxiong Electric, which saw a stock price increase of 5.13% to 55.15 CNY per share, with a total market capitalization of 8.661 billion CNY [1] - Xiaoxiong Electric's main business involves the research, design, production, and sales of creative small home appliances, with revenue composition as follows: kitchen small appliances 66.02%, personal care small appliances 12.77%, life small appliances 8.09%, maternal and infant small appliances 5.73%, other small appliances 5.35%, and others 2.04% [1] Group 2 - From the perspective of major circulating shareholders, a fund under China Merchants Fund, specifically the China Merchants Quantitative Selected Stock A (001917), entered the top ten circulating shareholders of Xiaoxiong Electric in the second quarter, holding 1.1328 million shares, accounting for 0.75% of circulating shares [2] - The China Merchants Quantitative Selected Stock A fund has achieved a year-to-date return of 37.35% and a one-year return of 73.66%, ranking 744 out of 4223 and 928 out of 3780 respectively in its category [2] Group 3 - The fund manager of China Merchants Quantitative Selected Stock A is Wang Ping, who has a cumulative tenure of 15 years and 76 days, with the fund's total asset size at 16.687 billion CNY [3] - During Wang Ping's tenure, the best fund return was 253.36%, while the worst return was -70.6% [3]

Group 1 - The core viewpoint of the article is that Xiaoxiong Electric (SZ 002959) announced an investor survey scheduled for August 29, 2025, where the company's vice president and board secretary, Song Qin, will participate in addressing investor inquiries [1] - For the first half of 2025, Xiaoxiong Electric reported that its revenue composition is entirely from the small home appliance industry, with a 100.0% share [1]

| 与国际平台提高区域渗透，聚焦需求升级主力产品，相继推出无刷电 | | --- | | 吹风、风梳等迭代款，技术适配与场景覆盖进一步增强。 | | 问：公司 2025 年上半年母婴品类收入同比增长超 40%，未来的 | | 发展展望？ | | 答：公司今年加大母婴小家电研发资源投入，推出系列爆款产品， | | 实现产品全面升级；对外统一风格和调性，实现视觉全面升级，重塑 | | 公司母婴小家电的品类形象，传递专业母婴小家电的用户心智；从用 | | 户购物旅程图的关键节点中识别并做出有效的服务提升计划，全面提 | | 升公司母婴小家电的用户口碑。 | | 长期来看，母婴品类具有较大潜在发展空间，是公司重点发力的 | | 品类。目前母婴品类收入规模较小，公司计划投入更多资源推动母婴 | | 品类的发展。 | | 问：面对外部消费环境和消费者购买习惯的变化，公司未来三年 | | 的增长抓手？ | | 答：公司会在原先战略方面做一定调整。海外方面，尽管美国市 | | 场存在不确定性，但日韩、东南亚和欧洲等市场潜力大，仍会作为未 | | 来增长的主要路径。虽短期可能受关税影响，但长期坚定海外增长策 | | 略。 | ...

Core Insights - The company reported a strong performance in H1 2025, with revenue of 2.535 billion yuan (+18.94%) and a net profit of 205 million yuan (+27.32%) [1] - The second quarter of 2025 saw a significant recovery in profits, with Q2 revenue reaching 1.215 billion yuan (+29.58%) and net profit soaring to 75 million yuan (+641.50%) [1] - The company’s overseas business showed remarkable growth, with H1 revenue from international markets increasing by 138.84% to 412 million yuan [1] Financial Performance - In H1 2025, the company’s revenue from various segments included kitchen small appliances at 1.673 billion yuan (+5.02%), personal care appliances at 324 million yuan (+415.99%), and maternal and infant appliances at 145 million yuan (+40.54%) [1] - The gross profit margin for Q2 2025 improved to 37.60% (+3.21 percentage points), driven by an increase in average transaction value and a higher proportion of high-margin products [2] - The net profit margin for Q2 2025 reached 6.76% (+5.68 percentage points), benefiting from optimized expense ratios across various categories [2] Business Strategy - The company is enhancing the operational quality of its kitchen small appliances by establishing a dedicated kitchen division and optimizing product strategies to increase average transaction values [3] - The company is advancing its "Roman Smart" strategy to secure high-value orders and improve market penetration through participation in international exhibitions and the introduction of innovative products [3] Industry Outlook - The kitchen small appliance industry is experiencing a structural upgrade trend, driven by government subsidies and increasing consumer interest in mid-to-high-end products [4] - The company’s kitchen small appliance segment is expected to drive growth, with personal care and maternal-infant appliances emerging as new growth drivers [4] - The company is projected to achieve net profits of 414 million yuan, 480 million yuan, and 546 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 2.64, 3.06, and 3.48 yuan [4]

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant year-on-year growth in both revenue and net profit, driven by new product categories and expansion into overseas markets [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 2.53 billion yuan, representing a year-on-year increase of 18.9%, and a net profit attributable to shareholders of 200 million yuan, up 27.3% year-on-year [1]. - For Q2 2025, the company recorded revenue of 1.21 billion yuan, a year-on-year growth of 29.6%, and a net profit of 80 million yuan, reflecting a substantial increase of 641.5% year-on-year [1]. - The net profit margin for Q2 was 6.2%, an increase of 5.1 percentage points year-on-year, attributed to reduced price competition in the kitchen small appliance sector and improved product mix [2]. Market Dynamics - The demand for kitchen small appliances was boosted by domestic appliance replacement policies, with online sales increasing by 15% year-on-year and average prices rising by 9% [1]. - Key product categories such as juicers, health pots, and chef machines saw rapid sales growth in Q2 [1]. - The company’s overseas business faced challenges due to U.S. tariffs, but the consolidation of Roman Smart in July 2024 is expected to contribute additional revenue [1]. Cash Flow and Cost Management - The company reported a significant increase in operating cash flow for Q2, with a net cash flow increase of 140 million yuan year-on-year, driven by rapid sales growth [2]. - Cost management strategies led to reductions in management, R&D, and sales expense ratios by 1.7, 1.3, and 0.9 percentage points respectively [2]. Investment Outlook - The company is positioned as a leading player in the online small appliance market, with a focus on capturing market demand and enhancing brand strength through product refinement [2]. - Earnings per share (EPS) projections for 2025 to 2027 are estimated at 2.48, 2.70, and 2.91 yuan respectively, with a maintained buy rating and a target price of 66.89 yuan based on a 27 times price-to-earnings ratio for 2025 [2].

Core Viewpoint - The company reported strong financial performance in H1 2025, with significant growth in revenue and net profit, driven by new product categories and overseas expansion [4][5]. Financial Performance - In H1 2025, the company achieved revenue of 2.5 billion yuan, a year-on-year increase of 19%, with net profit attributable to shareholders at 200 million yuan, reflecting a 27% increase [4]. - Q2 2025 saw revenue of 1.2 billion yuan, up 30% year-on-year, and net profit attributable to shareholders reached 80 million yuan, marking a substantial increase of 642% [4]. Business Segmentation - Domestic and international revenue for H1 2025 was 2.1 billion yuan and 400 million yuan, respectively, representing year-on-year growth of 8% and 139% [5]. - The overseas revenue share increased by 8.2 percentage points, partly due to the consolidation of Roman Intelligent, which contributed 290 million yuan in revenue [5]. - Revenue from kitchen, lifestyle, personal care, and maternal and infant small appliances was 1.7 billion, 200 million, 300 million, and 100 million yuan, respectively, with personal care and maternal and infant segments showing significant growth [5]. Profitability and Cost Management - Gross margins for H1 2025 and Q2 2025 were 37.2% and 37.6%, respectively, reflecting an increase due to reduced price competition in the industry [6]. - Net profit margins were 8.1% for H1 2025 and 6.2% for Q2 2025, with a notable increase in Q2 [6]. - The company reported a decrease in selling, administrative, and R&D expense ratios, indicating improved cost management amid a less competitive environment [6]. Cash Flow and Balance Sheet - As of the end of H1 2025, the company had cash and cash equivalents plus trading financial assets totaling 2.7 billion yuan, slightly up from 2.6 billion yuan year-on-year [6]. - The net cash flow from operating activities was 140 million yuan, a significant improvement from a negative 170 million yuan in the same period last year [6].