Financial Performance - The company's operating revenue for the first half of 2024 was ¥2,131,203,342.38, representing a decrease of 8.97% compared to the same period last year[11]. - The net profit attributable to shareholders was ¥160,932,738.84, down 32.01% year-on-year[11]. - The net profit after deducting non-recurring gains and losses was ¥122,906,283.39, a decline of 40.40% compared to the previous year[11]. - The net cash flow from operating activities was -¥168,391,244.29, a significant decrease of 175.75% from the same period last year[11]. - Basic earnings per share were ¥1.0262, down 32.33% year-on-year[11]. - Total assets at the end of the reporting period were ¥5,003,673,498.29, a decrease of 7.10% from the end of the previous year[11]. - The net assets attributable to shareholders were ¥2,704,173,168.64, down 1.18% compared to the previous year[11]. - The weighted average return on net assets was 5.77%, a decrease of 3.78 percentage points from the previous year[11]. - The company reported a total profit of 38,026,455.45 CNY after tax impacts of 8,329,153.35 CNY[14]. - The company's operating revenue for the reporting period was ¥2,131,203,342.38, a decrease of 8.97% compared to ¥2,341,296,748.66 in the same period last year[29]. - The company's R&D investment increased by 35.08% to ¥92,845,387.92, up from ¥68,733,452.94 in the previous year[29]. - The company reported a significant increase in sales of other small appliances, which rose by 11.14% to ¥278,608,696.29[30]. - The gross profit margin for the small household appliances sector was 36.70%, a decrease of 1.01% from the previous year[31]. - The company reported a total comprehensive income of 160,932,738.84 CNY for the first half of 2024[123]. Sales and Market Performance - The overseas sales revenue increased by 26.66% year-on-year in the first half of 2024[22]. - Domestic sales accounted for 91.91% of total revenue, amounting to ¥1,958,839,948.14, while international sales increased by 26.66% to ¥172,363,394.24[31]. - The company has over 900 products available for sale, catering to various consumer demographics including infants, youth, and the elderly[26]. - The company has a strong brand presence, with increasing brand awareness and reputation among consumers[21]. - The management team emphasizes product innovation and channel innovation to adapt to changing consumer habits and preferences[27]. - The company is actively expanding its offline and overseas sales channels to mitigate risks associated with high online sales concentration[55]. Investment and Capital Management - The total amount of funds raised in the 2019 IPO was RMB 1,027,500,000, with a net amount of RMB 936,811,933 after deducting fees[43]. - As of June 30, 2024, the remaining balance of the funds raised from the 2019 IPO is RMB 138,114,874.13, with a total of RMB 756,048,545.39 utilized[43]. - The company raised RMB 536,000,000 from the issuance of convertible bonds in 2022, with a net amount of RMB 527,340,754.72 after fees[43]. - By June 30, 2024, the remaining balance of the funds raised from the 2022 convertible bonds is RMB 135,295,266.96, with RMB 405,470,671.82 utilized[43]. - The company reported a total investment of RMB 1,148,149.04 from the 2019 IPO funds during the reporting period[43]. - The company achieved a return of RMB 1,246,215.46 from idle funds invested in financial products during the reporting period[43]. - The company has established clear regulations regarding fund management and risk control[40]. - The company has implemented risk management measures for its hedging activities, including market risk, liquidity risk, and performance risk assessments[39]. Operational Efficiency and Cost Management - The company has developed a comprehensive procurement management system to adapt to market changes and optimize raw material inventory[20]. - The company plans to optimize equipment procurement for projects to control costs and reduce spending[46]. - The company has implemented cost reduction and efficiency improvement measures to manage raw material price volatility risks[53]. - The company has built a robust e-commerce operation team to enhance its online sales channels and adapt to market changes[22]. Corporate Governance and Social Responsibility - The company has maintained a stable management team, contributing to its recognition as one of the "Top 100 Enterprises in Foshan" and "Top 500 Manufacturing Enterprises in Guangdong Province"[27]. - The company donated a total of 1.0646 million yuan for social welfare activities during the reporting period, supporting various initiatives including education and public health[64]. - The company established a mutual aid fund in 2016, which has helped 112 employees in need, with total donations amounting to 1.2718 million yuan by June 2024[64]. - The company has maintained a commitment to environmental protection and employee safety as part of its corporate social responsibility[64]. Risk Factors - The company faces risks from raw material price fluctuations, which significantly impact its main business costs[53]. - The competitive landscape in the creative small appliance market is intensifying, with potential threats from price wars and online sales channel challenges[54]. - A high proportion of the company's revenue comes from online sales, which poses risks if relationships with e-commerce platforms deteriorate[55]. - The company has been recognized as a high-tech enterprise, allowing it to apply for tax benefits, but future changes in this status could adversely affect its financial performance[56]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 25,155, with the largest shareholder, Zhaofeng Investment, holding 44.17% of shares, totaling 69,287,400 shares[89]. - The company plans to repurchase shares using between RMB 30 million and 60 million, with a maximum repurchase price set at RMB 75.00 per share, later adjusted to RMB 73.81 per share[86]. - As of June 28, 2024, the company has repurchased a total of 193,400 shares, representing 0.12% of the total share capital, with a total transaction amount of RMB 9,180,990[87]. - The company has increased the number of restricted shares by 98,900 shares during the reporting period due to management lock-up[85]. - The company’s management and key personnel are subject to restrictions on transferring shares, limited to 25% of their total holdings per year[88]. Accounting and Financial Reporting - The company adheres to the accounting standards set by the Ministry of Finance and accurately reflects its financial status as of June 30, 2024[143]. - The company’s financial statements are prepared based on actual transactions and in compliance with relevant regulations[140]. - The company recognizes investment income based on the share of dividends or profits declared by the investee[169]. - The company applies expected credit loss model for impairment of financial assets measured at amortized cost[155]. - The company’s revenue recognition policy includes sales of goods, provision of services, and transfer of asset usage rights, recognizing revenue when control is transferred to the customer[193].

小熊电器股份有限公司 关于诉讼进展的公告 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。 证券代码：002959 证券简称：小熊电器 公告编号：2024-066 2、撤销湖南省湘潭市雨湖区人民法院（2023）湘 0302 民初 1364 号民事判 决第三项； 3、变更湖南省湘潭市雨湖区人民法院（2023）湘 0302 民初 1364 号民事判 决第一项为"湖南中仓供应链管理有限责任公司于本判决生效之日起十日内向小 熊电器股份有限公司赔偿财产损害赔偿金 20,936,433.22 元（32,209,897.26 元× 65%=20,936,433.22 元，扣除湖南中仓供应链管理有限责任公司已经支付 7,500,000 元后，湖南中仓供应链管理有限责任公司还需支付 13,436,433.22 元）"； 4、变更湖南省湘潭市雨湖区人民法院（2023）湘 0302 民初 1364 号民事判 决第二项为"青岛科洛威智能科技有限公司于本判决生效之日起十日内向小熊电 器股份有限公司赔偿财产损害赔偿金 8,052,474.32 元（32,209,897,26 元× 25%= ...

证券代码：002959 证券简称：小熊电器 公告编号：2024-065 债券代码：127069 债券简称：小熊转债 小熊电器股份有限公司 可转换公司债券 2024 年付息公告 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： 1、"小熊转债"将于 2024 年 8 月 12 日按面值支付第二年利息，每 10 张"小熊 转债"（面值 1,000 元）利息为 6.00 元（含税）。 2、债权登记日：2024 年 8 月 9 日 3、付息日：2024 年 8 月 12 日 2、可转换公司债券代码：127069 3、可转换公司债券发行规模：发行总额为人民币 5.36 亿元，发行数量为 536.00 万张。 4、可转换公司债券票面金额和发行价格：每张面值为人民币 100 元，按面值发 行。 5、可转换公司债券存续期限："小熊转债"存续期限为自发行之日起 6 年，即 自 2022 年 8 月 12 日至 2028 年 8 月 11 日（如遇法定节假日或休息日延至其后的第 1 个工作日；顺延期间付息款项不另计息）。 6、债券利率：第一年为 0.40%，第二年为 0 ...

二、担保进展情况 2024 年 8 月 1 日，公司于公司总部向汇丰银行（中国）有限公司佛山分行（以 下简称"汇丰银行佛山分行"）出具了《保证书》，为小熊厨房与汇丰银行佛山分 行因办理授信业务签订主合同而形成的一系列债务提供最高额保证，保证责任的最 高限额为人民币 13,750 万元（以下简称"本次担保"）。 证券代码：002959 证券简称：小熊电器 公告编号：2024-064 小熊电器股份有限公司 关于为子公司提供担保的进展公告 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。 一、担保情况概述 小熊电器股份有限公司（以下简称"公司"或"小熊电器"）于 2024 年 4 月 7 日、5 月 10 日分别召开第三届董事会第七次会议及 2023 年度股东大会，审议通过 了《关于 2024 年度对外担保额度的议案》，同意子公司申请授信及日常经营需要时 为其提供相应担保，2024 年度担保金额不超过人民币 260,000 万元，其中为资产负 债率超过 70%的子公司担保额度不超过 95,000 万元，为资产负债率 70%以下的子 公司担保额度不超过 165,000 ...

证券代码：002959 证券简称：小熊电器 公告编号：2024-063 小熊电器股份有限公司 关于股份回购进展的公告 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 2023 年 10 月 27 日召开第三 届董事会第五次会议审议通过了《关于回购部分社会公众股份方案的议案》，同 意公司使用自有资金人民币 3,000 万元-6,000 万元以集中竞价交易方式回购部分 公司股份，回购股份的种类为公司发行的 A 股股票，回购股份价格不超过 75.00 元/股（2023 年年度权益分派实施完成后，回购股份价格上限从 75.00 元/股调整 为 73.81 元/股）。回购期限为自董事会审议通过回购股份方案之日起 12 个月内。 本次回购的股份将用于实施公司股权激励计划及/或员工持股计划。具体内容详 见《证券时报》和巨潮资讯网（www.cninfo.com.cn）的《关于回购部分社会公众 股份方案的公告》（公告编号：2023-082）、《回购报告书》（公告编号：2023-085） 和《关于权益分派实施后调整回购股份价格上限的公告 ...

近日，公司完成了上述工商变更登记及章程备案手续，并取得了佛山市顺德 区市场监督管理局换发的《营业执照》。变更后的营业执照信息如下： 名称：小熊电器股份有限公司 统一社会信用代码：91440606786454927J 证券代码：002959 证券简称：小熊电器 公告编号：2024-062 小熊电器股份有限公司 关于完成工商变更登记的公告 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"）分别于 2024 年 4 月 7 日和 2024 年 5 月 10 日召开了第三届董事会第七次会议和 2023 年度股东大会，审议通过了 《关于变更公司注册资本及修订〈公司章程〉的议案》，同意将公司注册资本变更 为人民币 156,567,238 元，并同意修订《公司章程》，具体内容详见公司在《证券 时报》和巨潮资讯网（http://www.cninfo.com.cn）上披露的《关于变更公司注册资 本及修订〈公司章程〉的公告》（公告编号：2024-025）。 注册资本：壹亿伍仟陆佰伍拾陆万柒仟贰佰叁拾捌元人民币 类型：股份有限公司（上市、自然人 ...

证券代码：002959 证券简称：小熊电器 公告编号：2024-061 小熊电器股份有限公司 关于收购广东罗曼智能科技股份有限公司控股权的进展公告 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。 一、交易概述 小熊电器股份有限公司（以下简称"公司"）于 2024 年 7 月 4 日召开第三 届董事会第十一次会议，审议通过了《关于收购广东罗曼智能科技股份有限公司 控股权的议案》，同意公司向严佑春、东莞市和富股权投资合伙企业（有限合伙）、 东莞市合富股权投资合伙企业（有限合伙）、东莞市晨美股权投资合伙企业（有 限合伙）、东莞市美程股权投资合伙企业（有限合伙）、林伟、深圳金智塔一号 投资合伙企业（有限合伙）、严洪流、刘昌明、徐世琴、廖丽芬、潘世辉、李锋 宝、彭伏成、杨子龙、罗李华、周健华、毛葆琼、李刚收购其持有的广东罗曼智 能科技股份有限公司（以下简称"罗曼智能"）合计 61.78%的股权，交易价格合 计为 154,444,172.38 元。具体内容详见公司于 2024 年 7 月 5 日在《证券时报》 和巨潮资讯网（http://www.cninfo.com.cn ...

证券代码：002959 证券简称：小熊电器 公告编号：2024-060 小熊电器股份有限公司 关于持股 5%以上股东部分股份补充质押的公告 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"）于近日接到公司持股 5%以上股 东施明泰的函告，获悉其所持有公司的部分股份办理了补充质押，具体事项如下： | | 是否为控 股股东或 | 本次质 | 占其所 | 占公司 | 是否为限 售股（如 | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名 | | 押的数 | | | | 为补 | 质押起始 | 质押到 | | 质押用 | | 称 | 第一大股 | 量 | 持股份 | 总股本 | 是，注明 | 充质 | 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） | | | | | | | | | | ...

Investment Rating - The report maintains an "Outperform" rating for the company [3][10][16] Core Views - The company plans to acquire a 61.78% stake in Guangdong Roman Intelligent Technology for RMB 154 million, which will strengthen its position in the personal care small appliance sector [3] - Roman Intelligent specializes in the R&D, production, and sales of personal care small appliances, with a strong focus on ODM/OEM business [3][4] - Roman Intelligent has committed to achieving net profits of RMB 15 million, RMB 25 million, and RMB 40 million for 2024-2026, respectively, with a cumulative net profit of at least RMB 80 million over the three years [3] - The acquisition is expected to enhance the company's product portfolio and expand its overseas market presence, particularly through Roman Intelligent's established relationships with global brands like Philips and Yaman [6][7][16] - The company is transitioning from niche small appliances to essential and personal care appliances, with the acquisition expected to accelerate its growth in the personal care sector [10][16] Company and Industry Analysis - Roman Intelligent has a strong R&D team of over 120 members, with more than 900 authorized patents, including over 20 invention patents, and has achieved self-developed and self-produced high-speed brushless motors [4][17] - Roman Intelligent's main products include electric toothbrushes, hair dryers, and straighteners, which account for a significant portion of its revenue [4][17] - The company's acquisition of Roman Intelligent is expected to create significant synergies, particularly in expanding its overseas market share and enhancing its product offerings in the personal care sector [6][16][18] - In Q2 2024, domestic demand for small appliances was under pressure, while exports showed strong growth, with small appliance exports increasing by 11.2% and 21.5% in April and May, respectively [7][16] - The company's revenue and net profit are forecasted to grow steadily, with projected net profits of RMB 490 million, RMB 540 million, and RMB 598 million for 2024-2026, representing year-on-year growth of 10%, 10%, and 11%, respectively [10][16] Financial Projections - The company's revenue is expected to increase from RMB 4.7 billion in 2023 to RMB 6.3 billion in 2026, with a steady growth rate [30] - Net profit attributable to the parent company is projected to grow from RMB 445 million in 2023 to RMB 598 million in 2026 [30] - The company's ROE is expected to remain stable at around 16%-17% from 2024 to 2026 [30]

证 券 研 究 报 告 ——公司收购罗曼智能事件点评 投资要点： [Table_Summary 投资建议：]此次收购完成并表后预计增厚公司未来业绩，但是考虑到 厨小电行业短期销售端仍处于缓慢弱复苏的过程中，我们下调盈利预 测，预计公司 2024-2026年EPS为 3.07/3.31/3.62元（原值 3.25/3.70/4.08 元，下调幅度-6%/-11%/-11%）,同比+8%/+8%/+9%，参考同行业公司， 且基于谨慎性角度考虑，给予公司 2024 年 20xPE，下调目标价至 61 元，"增持"评级。 公司收购罗曼智能，加快布局个护赛道。公司拟以现金 1.54 亿元收购 罗曼智能 61.78%的股权（对应整体估值为 2.50 亿元）。罗曼主营口腔 和美发护理小家电，此次收购有助于公司扩充个护小家电产品，提升 个护小电市场份额。根据公告，2022 和 2023 年罗曼营收 5.03 亿元和 5.05 亿元（+0.5%），业绩 1750 万元（净利率 3.5%）和-372 万元，净 资产 1.3 亿元和 1.2 亿元。对应罗曼智能 2022 年 14.3x PE，0.5x PS； 对应罗曼智能 202 ...