小熊电器股份有限公司 2026 年第一季度可转换公司债券转股情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 转股期限：2023年2月20日至2028年8月11日 转股价格：52.21元/股 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第15号——可转换公司债券》的有关规定，小熊电器股份有限公司（以下简 称"公司"）现将2026年第一季度可转换公司债券转股及公司股份变动的情况公 告如下： 一、可转换公司债券发行上市概况 | 证券代码：002959 | 证券简称：小熊电器 | 公告编号：2026-020 | | --- | --- | --- | | 债券代码：127069 | 债券简称：小熊转债 | | 1、可转换公司债券发行情况 经中国证券监督管理委员会《关于核准小熊电器股份有限公司公开发行可转 换公司债券的批复》（证监许可〔2022〕1099号）核准，公司向社会公开发行了 5,360,000张可转换公司债券，每张面值100元，期限6年，发行总额为53,600.00 万元。 2、可转换公司债券上市情况 经深圳 ...

证券代码：002959 证券简称：小熊电器 公告编号：2026-019 小熊电器股份有限公司 关于控股股东股份解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 小熊电器股份有限公司（以下简称"公司"）于近日获悉公司控股股东广东 兆峰投资有限公司（以下简称"兆峰投资"）所持有公司的部分股份已解除质押， 现将具体内容公告如下： | 股东 | 是否为控股股东 | 本次解除 | 占其所持 | 占公司总 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 或第一大股东及 | 质押数量 | 股份比例 | 股本比例 | 质押起始日 | | 质押解除日 | | 质权人 | | | 其一致行动人 | （股） | | | | | | | | | 兆峰 | 是 | 1,650,000 | 2.38% | 1.06% | 年 2025 3 | 月 | 年 月 2026 | 3 | 财通证券资 产管理有限 | | 投资 | | | | | 28 日 | | 27 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the importance of dividends and globalization in the home appliance sector [1] - Domestic sales of color TVs and washing machines have shown good performance in offline channels since 2026, while online sales of some small appliances have also performed well [6][10] - Export performance has been strong since 2026, with a notable increase in home appliance exports to emerging markets [19][24] - The report suggests that despite growth pressures due to high base effects from the previous year, leading brands are showing resilience and growth potential [38] Summary by Sections Domestic Sales - In January-February 2026, offline sales of color TVs and washing machines performed well, while online sales faced pressure. For color TVs, online sales were 1.973 million units with a revenue of 6.94 billion yuan, showing a year-on-year decline of 29.7% and 14.5% respectively. Offline sales were 534,000 units with a revenue of 3.45 billion yuan, showing a year-on-year increase of 25.1% and 27.8% [10] - For refrigerators, online sales were 2.019 million units with a revenue of 5.22 billion yuan, down 17.0% and 4.9% year-on-year, while offline sales were 523,000 units with a revenue of 3.10 billion yuan, up 8.8% and down 0.6% year-on-year [10] - Air conditioning sales faced overall pressure, with online sales of 1.254 million units and a revenue of 3.89 billion yuan, down 37.3% and 35.3% year-on-year [10] Export Performance - Since 2026, the export performance has been strong, with total domestic exports in January-February 2026 amounting to 4.6 trillion yuan, a year-on-year increase of 19%. In USD terms, the total export was 0.7 trillion USD, up 22% year-on-year [19] - Home appliance exports in January-February 2026 were 119.2 billion yuan, reflecting a year-on-year increase of 9% [19] Investment Recommendations - The report recommends focusing on companies such as TCL Electronics, Midea Group, Gree Electric, Haier Smart Home, Hisense Visual, Ecovacs, and Roborock, highlighting their strong dividend yields and defensive attributes in the current market environment [38]

Investment Rating - The report maintains a positive outlook on the home appliance sector, highlighting the potential for growth and stability in leading companies [4][5]. Core Insights - The report identifies two main investment themes: the value proposition of leading white and black appliance companies, which are characterized by low valuations, high dividends, and stable growth, and the technological advancements in the sector, with companies exploring new fields such as robotics and data centers [5][6]. - The report emphasizes the ongoing demand in emerging markets, which is expected to drive long-term growth for major appliance manufacturers [5][6]. Sales Data Summary - In January 2026, the online sales volume of vacuum cleaners reached 319,300 units, a year-on-year increase of 48.83%, with sales revenue of 352 million yuan, up 71.84%. The average price increased by 61.14% to 1,538.21 yuan per unit [4][33]. - The online sales volume of washing machines was 213,800 units, a year-on-year increase of 38.84%, with sales revenue of 243 million yuan, up 6.28%. The average price decreased by 25.43% to 1,106.95 yuan per unit [4][33]. - In contrast, the online sales of hair dryers and electric shavers saw declines, with hair dryer sales down 13.79% to 955,100 units and sales revenue down 8.38% to 225 million yuan. The average price increased by 22.96% to 272.1 yuan per unit [5][40]. Market Dynamics - The home appliance sector underperformed compared to the Shanghai and Shenzhen 300 index, with the home appliance index dropping 3.3% while the index fell 2.2% [6][7]. - The report notes a slight decline in the white goods market demand in early 2026, with air conditioning production and sales both down approximately 3.5% year-on-year [6][14]. Industry Developments - The successful launch of the "Yaotai" computing base station by Chasing Computing on March 16, 2026, marks a significant step towards establishing a space supercomputing center [6][13]. - The report highlights the ongoing adjustments in the export market due to international trade fluctuations, impacting the overall demand for home appliances [6][14]. Raw Material Price Trends - As of March 20, 2026, copper prices increased by 17.35% year-on-year to 95,820 yuan per ton, while aluminum prices rose by 15.67% to 24,065 yuan per ton [15][19].

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [2][48]. Core Insights - The AWE2026 exhibition highlighted the significant trends of "embodiment + AI" in home appliances, showcasing advancements in executing household tasks and enhancing user experience [7][48]. - The integration of AI is expected to make home appliances smarter and more humanized, with products featuring advanced perception and decision-making capabilities [26][48]. - New product categories such as consumer-grade 3D printing and smart mobility are emerging, indicating further growth potential for the industry [32][48]. Summary by Sections AWE2026 Showcases "Embodiment + AI" Trends - The AWE2026 event, held from March 12-15, 2026, in Shanghai, attracted over 1,200 exhibitors and 200,000 visitors, focusing on AI technology and smart living scenarios [7][48]. - The exhibition featured a dual-zone model, emphasizing both consumer electronics and upstream core components [7]. Embodiment Enhances Appliance Execution - Home appliances are increasingly capable of executing household tasks effectively, with companies like Haier and Hisense showcasing robots designed for various domestic scenarios [9][48]. - Haier's family service robots demonstrate advanced capabilities, such as recognizing and sorting food items, while Hisense introduced humanoid robots for commercial and domestic use [9][48]. AI Enhances Intelligence and Humanization - AI models are being integrated into home appliances to improve their decision-making and service capabilities, with products like Haier's AI Eye 2.0 and Boss Appliances' AI cooking glasses leading the way [26][48]. - The report anticipates that as AI capabilities evolve, appliances will become more intuitive and user-friendly [26][48]. Emerging Product Categories Worth Noting - The report highlights the growth of consumer-grade 3D printing, with companies like Anker and JD.com launching innovative products aimed at expanding the market [32][48]. - In smart mobility, new products such as electric scooters and water flying vehicles were introduced, showcasing advancements in personal transportation [37][48]. Investment Recommendations - The report recommends investing in leading companies with competitive advantages, including Midea Group, Haier Smart Home, Hisense, and Gree Electric for white goods; Hisense Visual for TVs; and Roborock and Ecovacs for cleaning appliances [48].

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [5][6][70]. Core Views - The home appliance retail demand in China has shown signs of recovery in January and February, with a notable improvement in both domestic and export sales [2][18]. - The export value of home appliances in China increased by 9% year-on-year in the first two months, indicating a significant recovery in the export market [3][38]. - The U.S. home appliance retail sales continued to grow slightly in January, reflecting a steady recovery in consumer demand [4][44]. Summary by Sections 1. Investment Recommendations - Recommended companies include Midea Group, Haier Smart Home, TCL Smart Home, Gree Electric, and Hisense Home Appliances in the white goods sector; Hisense Visual and TCL Electronics in the black goods sector; and Roborock and Bear Electric in the small appliances sector [5][14][16]. 2. Market Performance and Trends - The home appliance sector achieved a relative return of +0.34% this week, outperforming the broader market [4][47]. - The retail sales of major home appliances showed a narrowing decline, with specific categories like air conditioners and refrigerators experiencing improved performance [2][19]. 3. Export Performance - In the first two months, the export volume of home appliances grew by 16%, with the export value reaching 119.2 billion yuan, reflecting a robust recovery [3][38]. - The average export price decreased by 4.4% to 21.1 USD per unit, indicating competitive pricing in the international market [3][38]. 4. U.S. Market Insights - U.S. retail sales for electronics and home appliances increased by 1.6% year-on-year in January, continuing a steady growth trend since the second half of 2025 [4][44]. - Inventory levels in U.S. home appliance stores have been recovering, which supports the demand for Chinese exports [4][44]. 5. Key Data Tracking - The report tracks raw material prices, noting increases in copper and aluminum prices, which may impact production costs [4][51][56]. - The shipping index for major routes has shown slight fluctuations, indicating ongoing adjustments in logistics costs [4][60].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [8] Core Insights - The company reported a revenue of 5.235 billion yuan for the year 2025, representing a year-on-year growth of 10.02%. The net profit attributable to shareholders reached 401 million yuan, up 39.17% year-on-year, while the net profit excluding non-recurring items was 361 million yuan, reflecting a growth of 46.66% [2][6] - In Q4, the company achieved a revenue of 1.544 billion yuan, a decline of 4.65% year-on-year, but the net profit attributable to shareholders increased by 43.66% to 155 million yuan, with a net profit excluding non-recurring items of 135 million yuan, up 12.25% [2][6] - The overall revenue growth for the company outperformed the industry average, despite a slight decline in Q4, which was attributed to previous export surges and fluctuations in national subsidies [13] Summary by Sections Financial Performance - For the full year 2025, the company achieved a revenue of 5.235 billion yuan, with a net profit of 401 million yuan and a net profit excluding non-recurring items of 361 million yuan [2][6] - In Q4, the revenue was 1.544 billion yuan, with a net profit of 155 million yuan and a net profit excluding non-recurring items of 135 million yuan [2][6] Market Position and Trends - The company maintained a strong brand recognition and an efficient mechanism for launching innovative products, which allows it to quickly adapt to consumer demand changes [13] - The company is expected to continue capturing growth opportunities in the creative small home appliance market, enhancing its market share [13] Profitability and Cost Management - The improvement in profitability in Q4 is attributed to optimized product structure and enhanced marketing efficiency, with the net profit margin reaching 10.01% and the net profit margin excluding non-recurring items at 8.72% [13] - The company has been focusing on digital optimization of production processes and management efficiency, which is expected to lead to a recovery in operational efficiency [13]

Investment Rating - The report maintains a positive outlook on the home appliance sector, indicating a "Buy" rating for key companies in the industry [2]. Core Insights - The home appliance sector outperformed the CSI 300 index, with the sector index rising by 0.5% compared to a 0.2% increase in the CSI 300 index [4][5]. - Key companies such as Ugreen Technology, Wanhe Electric, and Bear Electric saw significant gains, while companies like Yitian Intelligent and Lek Electric experienced declines [4][7]. - Bear Electric is projected to achieve a revenue of 5.235 billion yuan in 2025, representing a 10% year-on-year increase, with a net profit of 401 million yuan, up 39% year-on-year [10][56]. - The AWE2026 showcased numerous new products, including innovative robotic vacuum cleaners and AI cooking glasses, indicating a trend towards technological advancement in the industry [11][66]. Industry Dynamics - The home appliance sector is experiencing mixed performance, with air conditioning sales declining online but increasing offline. In January 2026, online retail volume for air conditioners fell by 7.3% year-on-year, while offline sales rose by 28.5% [34]. - In the kitchen appliance segment, the online retail price of range hoods increased by 32.4% year-on-year, while sales volume decreased by 8.1% [36][39]. - The report highlights two main investment themes: the potential for undervalued leading companies with high dividends and stable growth, and the shift of some appliance companies towards emerging technology sectors such as robotics and semiconductors [4][10]. Data Observations - In January 2026, the sales volume of rotary compressors increased by 3.2% year-on-year, while the sales of refrigerator compressors rose by 16.5% [19][27]. - The report notes a significant increase in the sales volume of dishwashers, with online sales rising by 59.8% year-on-year [39]. - The prices of raw materials such as copper and aluminum have increased, with copper prices rising by 26.04% year-on-year [13]. Macro Economic Environment - As of March 13, 2026, the exchange rate of the US dollar to the Chinese yuan has decreased by 1.82% since the beginning of the year [45].

Group 1 - The report emphasizes the importance of boosting consumption and stabilizing the real estate market as highlighted in the recent Two Sessions [1] - The home appliance sector is expected to see a gradual improvement in both domestic and foreign sales, with key categories likely to benefit from continued subsidies throughout the year [3][12] - The report forecasts that the overall performance of the home appliance sector in 2026 will be stable, with domestic demand consolidating and foreign demand showing signs of recovery [3][12] Group 2 - In January and February, the domestic and foreign sales of air conditioners are projected to see a narrowing decline, with a significant increase in retail sales for washing machines and refrigerators [3][12] - The report identifies strong operational resilience among leading brands, with a notable emphasis on overseas expansion and capacity building in emerging markets [3][12] - The report suggests that the current relative valuation of the home appliance sector is at historically low levels, indicating potential for upward adjustment as fundamentals improve [3][12] Group 3 - Recommended stocks include leading white goods manufacturers such as Midea Group, Haier Smart Home, Hisense Home Appliances, and Gree Electric [3][12] - For the TV segment, the report recommends Hisense Visual and suggests monitoring TCL Electronics due to their strong market positions [3][12] - In the cleaning appliance category, Stone Technology and Ecovacs are highlighted as key players, while kitchen appliance leaders such as Boss Electric, Supor, and Bear Electric are also recommended for their innovative product strategies [3][12]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved a revenue of 5.235 billion yuan in 2025, representing a year-on-year growth of 10.02%, and a net profit attributable to shareholders of 401 million yuan, up 39.17% year-on-year [7] - The fourth quarter saw a slight decline in revenue to 1.544 billion yuan, down 4.65% year-on-year, but net profit increased by 43.66% to 155 million yuan [7] - The company is expected to continue its double-digit revenue growth in 2025, driven by strong domestic sales and the integration of the Romon acquisition [7] Financial Forecasts - Revenue projections for 2024 to 2027 are as follows: 4.758 billion yuan (2024), 5.235 billion yuan (2025), 5.514 billion yuan (2026), and 5.808 billion yuan (2027) with growth rates of 1.0%, 10.0%, 5.3%, and 5.3% respectively [2] - Net profit attributable to shareholders is forecasted to be 288 million yuan (2024), 401 million yuan (2025), 448 million yuan (2026), and 499 million yuan (2027), with growth rates of -35.4%, 39.2%, 11.9%, and 11.2% respectively [2] - Earnings per share are projected to increase from 1.85 yuan in 2024 to 3.20 yuan in 2027 [2] Profitability and Cost Management - The company's net profit margin improved to 7.65% for the year, up 1.60 percentage points year-on-year, with a notable increase to 10.01% in the fourth quarter [7] - The improvement in profitability is attributed to product mix optimization and effective cost management, particularly in marketing expenses [7] Business Strategy and Growth Drivers - The kitchen small appliance segment is expected to maintain stable growth, with continued product innovation and an increase in average selling prices [7] - The company has restructured into five business units to enhance focus on emerging categories, signaling a proactive approach to growth [7] - The acquisition of Romon is anticipated to contribute positively to revenue and operational synergies [7]