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佛山 市兆峰投资有限公司（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： 二、股东股份累计质押基本情况 截至 2025 年 12 月 1 日，上述股东及其一致行动人所持质押股份情况如下： | | | | | | | 已质押股份 | | 未质押股份 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 情况 | | 情况 | | | | 股东 | 持股数量 | 持股 | 累计质押 股份数量 | 占其所 持股份 | 占公司 总股本 | 已质押股 份限售和 | 占已质 | | 未质押股 | 占未 | | 名称 | （股） | 比例 | （股） | 比例 | 比例 | | | | 份限售和 | 质押 | | | | | | | | 冻结、标 | 押股份 | | 冻结数量 | 股份 | | | | | | | ...

小熊电器 20251128 摘要 小熊电器四季度虽受益于国补放开需求改善，但同比去年力度不足，双 十一表现未达预期，全年收入目标承压，需关注 11 月、12 月销售调整。 小熊电器海外市场受政策波动影响，小型家电出口下滑，跨境电商、代 工、自主品牌各占约 1/3，总体略降；罗曼通过非美客户补充，业绩相 对稳定。 罗曼专注代工业务，受益于小熊电器赋能，剥离自主品牌，通过信息化、 流程化提升运营效率，年初扭亏为盈，未来将继续优化生产质量和效率。 小熊电器内销渠道中，淘系和京东各占 30%，抖音占 8-9%且增速达 30-40%，海外市场下滑；公司抓住抖音平台支持机会，盈利端大幅改 善。 小熊电器厨房业务占比 60%，目标保利润；母婴品类增长迅速，每季度 增长 30-40%，公司进行品牌和产品升级，重塑专业形象，并计划通过 并购拓展新兴品类。 小熊电器更倾向于并购在欧美日韩等海外市场有实力的品牌，以赋能海 外事业部；本土并购关注市场份额及整合后的联动性，实现协同效应。 小熊电器战略重心转向保利润，优化销售费用率，提升高毛利、高单价 产品占比，如咖啡机、破壁机、母婴用品及小型洗衣机，并淘汰盈利差 的刚需品类 SKU。 ...

（文章来源：证券日报） 证券日报网讯 11月28日晚间，小熊电器发布公告称，小熊电器股份有限公司（以下简称"公司"）于近 日接到公司实际控制人李一峰先生的函告，获悉其所持有公司的部分股份办理了质押。本次质押数量 1，620，000股。 ...

| | 是否为控 | | | | 是否为限 | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 股股东或 | 本次质押 | 占其所 | 占公司 | 售股（如 | 为补 | 质押起 | 质押到 | | 质押用 | | 名称 | 第一大股 | 的数量 | 持股份 | 总股本 | 是，注明 | 充质 | 始日 | 期日 | 质权人 | 途 | | | 东及其一 | （股） | 比例 | 比例 | 限售类 | 押 | | | | | | | 致行动人 | | | | 型） | | | | | | | 李一峰 | 是 | 1,620,000 | 47.17% | 1.03% | 否 | 否 | 年 2025 月 11 27 | 办理解 除质押 | 招商证券 股份有限 | 资金周 转 | | | | | | | | | | 手续之 | | | | | | | | | | | 日 | 日止 | 公司 | | 证券代码：002959 证券简称：小熊电器 公告编号：2025-076 小熊电器股份有限公 ...

小熊电器公告，公司实际控制人李一峰质押162万公司股份，占其所持股份比例47.17%，占公司总股本 比例1.03%。质押开始日为2025年11月27日，质押用途为资金周转。 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [6][7][14]. Core Views - The home appliance industry is experiencing pressure on both domestic and international sales due to high base effects, with October retail sales down 15% year-on-year. White goods and black goods are expected to see retail sales declines exceeding 20%, while small appliances are performing slightly better [2][3][19]. - In October, the total sales volume of air conditioners in China decreased by 20.1%, with domestic sales down 21.3% and exports down 19.0%. The pressure on production for December remains significant, although export production is expected to improve as the peak season approaches [4][45]. - The report highlights a 13.3% year-on-year decline in home appliance export value in October, with washing machines and vacuum cleaners showing stable performance. The export value of air conditioners fell by 29.3% [5][47]. Summary by Sections 1. Investment Recommendations - Recommended companies include Midea Group, Haier Smart Home, TCL Smart Home, Gree Electric, and Hisense Home Appliances for white goods; Hisense Visual for black goods; and Roborock, Bear Electric, and Ecovacs for small appliances [6][14][15]. 2. Market Performance - The home appliance sector achieved a relative return of +1.47% this week, while the broader market (CSI 300 Index) declined by 3.77% [60]. 3. Retail Demand Analysis - In October, retail sales of home appliances faced significant declines, with major categories like air conditioners, refrigerators, and washing machines experiencing drops of over 20% in retail value [3][20][19]. 4. Export Performance - The report notes a continued decline in home appliance exports, with a significant drop in air conditioner exports and stable performance in washing machines and vacuum cleaners [5][47]. 5. Production Insights - December air conditioner production is under pressure, with domestic production expected to decline by 22.6% year-on-year, while export production is projected to decrease by 8.2% [4][45]. 6. Key Data Tracking - The report tracks key data such as raw material prices, shipping indices, and real estate performance, indicating ongoing challenges in the market [60][62][76].

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [6][7][14]. Core Views - The home appliance industry is experiencing pressure on both domestic and export sales due to high base effects, with October retail sales down 15% and exports down 13% [2][5][19]. - The small appliance segment is performing slightly better compared to larger appliances, with a smaller decline in sales [3][20]. - Air conditioning sales saw a significant drop of 20% in October, with production pressures continuing into December [4][45]. - Despite the challenges, leading companies in the industry are expected to maintain resilience and profitability due to ongoing cost reduction and efficiency improvements [14][15]. Summary by Sections 1. Investment Recommendations - Recommended companies include Midea Group, Haier Smart Home, TCL Smart Home, Gree Electric, and Hisense Home Appliances for white goods; Hisense Visual for black goods; and Roborock, Bear Electric, and Ecovacs for small appliances [6][14][15]. 2. Market Performance - In October, the retail sales of home appliances and audio-visual equipment fell by 14.6% year-on-year, while the overall retail sales in China grew by 2.9% [3][20]. - The report notes a relative performance of +1.47% for the home appliance sector compared to the broader market [5][60]. 3. Sales and Production Data - October saw a 20.1% year-on-year decline in total air conditioning sales, with domestic sales down 21.3% and exports down 19% [4][45]. - The report highlights that the export value of home appliances decreased by 13.3% in October, with washing machines and vacuum cleaners showing stable performance [5][47]. 4. Price Tracking - The report tracks raw material prices, noting a decrease in LME copper and aluminum prices by 1.4% and 2.2% respectively [60][62]. - The cold-rolled steel price increased by 1.9% week-on-week [62]. 5. Company Announcements and Industry Dynamics - The report includes updates on company management changes and highlights industry trends, such as the growth of the sweeping robot market led by Ecovacs [78][82].

证券日报网讯 11月18日晚间，小熊电器发布公告称，公司于2025年11月18日召开职工代表大会，选举 欧阳桂蓉女士为公司第三届董事会职工代表董事。 （文章来源：证券日报） ...

证券日报网讯小熊电器11月18日在互动平台回答投资者提问时表示，截至2025年11月10日，公司股东总 户数为22592户。 （文章来源：证券日报） ...

证券日报网讯 小熊电器11月18日在互动平台回答投资者提问时表示，公司海外业务分为自主品牌出 海、跨境电商和代工，公司未来会继续加大海外品牌建设和推广力度，更有针对性地做好各渠道的选 品、运营、推广等工作，提高渠道运营质量。 （编辑 王雪儿） ...