Summary of the Conference Call for Bear Electric (小熊电器) Company Overview - **Company**: Bear Electric (小熊电器) - **Industry**: Small home appliances Key Points and Arguments Financial Performance - **Fourth Quarter Performance**: Despite benefiting from the release of national subsidies, the demand improvement was insufficient compared to last year, leading to pressure on annual revenue targets. The performance during the Double Eleven shopping festival did not meet expectations, necessitating adjustments in November and December sales [2][4][5] - **Revenue Pressure**: The Double Eleven event has impacted the annual revenue target, particularly as the fourth quarter is crucial for sales and revenue realization. The third quarter's operational status deviated from expectations due to external factors like tax, government subsidies, and reduced financial income [5] Market Dynamics - **Overseas Market Challenges**: The small home appliance export market has declined due to policy fluctuations, with cross-border e-commerce, OEM, and self-owned brands each accounting for about one-third of the business, showing a slight overall decline [2][6] - **Domestic Sales Channels**: The revenue structure shows that Taobao and JD.com each account for 30%, while Douyin accounts for 8-9% with a growth rate of 30-40%. The overseas market has declined, and the company has capitalized on Douyin's support to significantly improve profitability [10][11] Product Strategy - **Focus on High-Margin Products**: The company is shifting its strategic focus towards maintaining profits by optimizing the sales expense ratio and increasing the proportion of high-margin, high-priced products such as coffee machines and baby products, while phasing out low-margin SKUs [3][20] - **Kitchen Business**: The kitchen segment accounts for 60% of the business, with a goal to maintain profitability without aggressive expansion. Resources will be allocated to emerging categories like baby and pet products, which have shown rapid growth [12][15] M&A Strategy - **Acquisition Focus**: The company prefers to acquire brands with market influence, particularly in overseas markets like North America and Europe, to empower its overseas division. Domestic acquisitions will focus on market share and synergy post-integration [13][14][26] Competitive Landscape - **Market Competition**: The competitive landscape has intensified due to reduced national subsidies, leading to a phenomenon of self-subsidization among brands. However, the overall competition has not significantly worsened compared to last year [17][18] - **Price Strategy**: The company is focusing on high-margin products in its pricing strategy, leading to a year-on-year increase in prices, with expectations of a less aggressive price war compared to the previous year [19] Future Outlook - **Growth in Baby Products**: The baby product category is expected to grow significantly, driven by upgrades in product materials and designs, aiming to capture a larger market share in the future [15][16] - **Southeast Asia Expansion**: The company is establishing a local team in Indonesia, viewing it as a key market with significant potential, and aims to match its performance in Vietnam through local brand agency models [21] Operational Improvements - **Production Efficiency**: The company has implemented measures to enhance cost control and production yield, resulting in significant improvements expected in 2024 compared to the previous year [9] Conclusion - **Strategic Direction**: The company is committed to external acquisitions as a major strategic direction, aiming to break through revenue ceilings and enhance its market position while maintaining a focus on profitability and operational efficiency [26]

（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） ...

小熊电器股份有限公司 关于回购注销部分限制性股票减资暨通知债权人的公告 证券代码：002959 证券简称：小熊电器 公告编号：2025-074 3、联系人：宋钦、郑文韬 4、联系电话：0757-29390865 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 2025 年 10 月 29 日和 11 月 18 日分别召开了第三届董事会第二十次会议及 2025 年第一次临时股东大会，审 议通过了《关于回购注销 2022 年股票期权与限制性股票激励计划部分限制性股 票的议案》，公司 2022 年股票期权与限制性股票激励计划首次授予限制性股票的 1 名激励对象已离职不再符合激励对象条件资格，其已获授但尚未解除限售的 1,500 股限制性股票由公司按回购价格回购注销。本次回购注销部分限制性股票 完成后，公司总股本将相应减少 1,500 股，公司注册资本将相应减少 1,500 元。 具体内容详见《证券时报》和巨潮资讯网（http://www.cninfo.com.cn）的《关于 回购注销 2022 年股票期权与限制性股票激励计 ...