Core Viewpoint - The company is experiencing pressure on domestic sales while overseas sales are growing significantly, with expectations for improved profit margins in 2025 as the market landscape clears up [1][4]. Financial Performance - In 2024, the company achieved a revenue of 4.758 billion yuan, a year-on-year increase of 0.98%, and a net profit attributable to shareholders of 288 million yuan, a year-on-year decrease of 35.37% [2]. - In Q4 2024, the company reported a revenue of 1.619 billion yuan, a year-on-year increase of 16.18%, and a net profit of 108 million yuan, a year-on-year decrease of 17.03% [2]. - The company's gross margin for 2024 was 35.29%, a decrease of 1.32 percentage points year-on-year, while the net margin was 6.43%, a decrease of 3.02 percentage points year-on-year [3]. Sales Breakdown - Domestic sales accounted for 86% of total revenue in 2024, down 6 percentage points year-on-year, with a decline of 6% compared to the previous year [3]. - Overseas sales accounted for 14% of total revenue in 2024, up 6 percentage points year-on-year, with a year-on-year increase of 81% [3]. - The company is expanding its overseas market through cross-border e-commerce, offline distributors, and OEM partnerships, with significant contributions expected from regions like Vietnam and Indonesia [3]. Future Outlook - For 2025, the company anticipates steady expansion in Southeast Asia and expects that the clearing of the industry landscape will lead to further improvements in profit margins [4].

证券代码：002959 证券简称：小熊电器 公告编号：2025-025 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 截至公告披露日，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 | | | | | | 累计质押股 | 占其所 | 占公司 | 已质押 | | | | | 股东名 | 持股数量 | 持股 | | | | 股份限 | | 未质押股 | | | | | | 份数量 | 持股份 | 总股本 | | 占已质 | | 占未质 | | 称 | （股） | 比例 | （股） | 比例 | 比例 | 售和冻 | 押股份 | 份限售和 | 押股份 | | | | | | | | 结、标 | | 冻结数量 | | | | | | | | | | 比例 | （股） | 比例 | | | | | | | | 记数量 | | | | | | | | | | | （股） | | ...

近日，苏泊尔、小熊电器等一众小家电企业先后发布了年度报告。 另外，新宝股份也发布了业绩快报。 01 2024年，苏泊尔营业总收入224.27亿元，同比增长5.27%；新宝股份营业总收入168.21亿元，同比增长14.84%；小熊电器营业总收入47.58亿元，同比增长 0.98%，三家小家电企业2024年营收均实现了正增长。 记者进一步梳理发现，苏泊尔、新宝股份、小熊电器这三家企业之所以能实现正增长背后均离不开同一个原因——海外业务增长迅猛。财报显示，2024年 这三家企业的海外营收增速均超20%，最高超80%。 海外收入"狂飙"，扛起营收增长大旗 财报数据显示，2024年，苏泊尔内销收入149.25亿元，同比下降1.21%；外贸收入75.02亿元，同比增长21.07%。 不过，海外业务快速发展之际，苏泊尔、小熊电器们却遭遇美国"对等关税"。4月9日，美国政府"对等关税"生效。关税壁垒下，这些企业将会受到多大影 响？ 苏泊尔在年报中指出，内销方面，面对竞争激烈的市场环境与消费者更理性的市场需求，公司内销收入有小幅下滑，但公司通过持续创新及强大的渠道竞 争优势，采取积极措施持续提高营销效率并严格控制各项费用支出， ...

Core Viewpoint - Despite facing operational pressures in the first three quarters of 2024, the company benefited from the trade-in policy, resulting in a significant narrowing of the decline in net profit attributable to shareholders, which decreased by 35.37% year-on-year, although revenue increased without a corresponding profit increase [1][3]. Financial Performance - In 2024, the company's operating revenue reached 4.758 billion yuan, a year-on-year increase of 0.98%, while the net profit attributable to shareholders was 288 million yuan, down 35.37% year-on-year [3]. - The first quarter saw a revenue decline of 4.58% and a net profit decrease of 8.53%, while the second quarter experienced a more severe drop with revenue down 14% and net profit plummeting nearly 86% to 10.13 million yuan [3]. - The third quarter showed a revenue increase of 3.17% year-on-year, but net profit still fell by 75.6% [3]. - The overall performance in 2024 was volatile, with the fourth quarter expected to show revenue growth driven by the trade-in policy, although net profit continued to decline due to increased management expenses [3]. Market Context - The kitchen small appliance sector is experiencing a downturn, with overall retail sales in this category reaching 60.9 billion yuan in 2024, a slight decline of 0.8% year-on-year [3]. - The company’s main category, kitchen small appliances, saw revenue drop by 10.10% to 3.276 billion yuan, while the life small appliances category grew by 15.33% [11]. Strategic Moves - The company acquired 61.78% of Roman Intelligent for 154 million yuan, which contributed 23.92% to the net profit attributable to shareholders in 2024 [11][12]. - The acquisition aims to mitigate the operational pressure from the kitchen small appliance segment, focusing on core OEM business after divesting from the loss-making self-branded products [12][13]. R&D and Product Strategy - The company has over 1,000 products for sale, but R&D expenses are less than 200 million yuan, leading to an average R&D cost of less than 200,000 yuan per product [14][15]. - Despite increasing R&D investment, the company faces challenges in product quality and marketing due to the broad product range, necessitating a focus on product specialization and quality improvement [15].

谈论中国制造业发展的宏大叙事，佛山始终是绕不开的话题。数十年来，这座簇拥完善、丰富制造产业 链集群的"岭南最高枝"，不仅以"有家就有佛山造"而闻名遐迩，更成为全国制造业转型的重要观察窗 口。 在今天，围绕"再造一个新佛山"的全新愿景，一家家前仆后继、躬身实践的企业，正释放出现代化产业 体系加速升级的全新信号。在"智改数转"浪潮之下，作为扎根佛山顺德的小家电企业——小熊电器，通 过多年来坚持实业发展，持续夯实企业数智制造实力，已成为区域新兴产业高质量发展的典型代表。 小熊电器数智制造的"强字决"，在于对制造实业与新兴技术的深度融合，运用智能制造体系实现柔性生 产，通过智能供应链管理系统提升效率。走入位于顺德的工厂会发现，短短0.14秒内，一个电子器件便 精准装配至电路板；只需45秒，就能完成塑化成型整个过程；眨眼之间，AI视觉检测快速为产品做 着"全身体检"......比起传统的人员管理，数字面板上实时跳动的数据、产品原料投入量、零件生产量、 运转情况等等，无一不在显现高度的自动化、智能化生产图景。 于企业而言，新质生产力何谓"新"？其实不光在于生产端的质量与效率提升，更在于数智化能否"浇 灌"整个企业，以新技 ...

Core Viewpoint - The domestic small home appliance market is experiencing intensified competition, leading to price wars and significant challenges for companies like Bear Electric, which reported a decline in net profit despite a slight increase in revenue [3][6]. Company Summary - Bear Electric achieved a revenue of 4.758 billion yuan in 2024, a year-on-year increase of 0.98%, but its net profit dropped to 288 million yuan, a significant decline of 35.37% compared to the previous year, marking the largest drop in nearly nine years [3][5]. - The company's stock price has fallen by 10.52% year-to-date, with a cumulative decline of over 55% from its peak in June 2023, resulting in a total market capitalization of 6.732 billion yuan [5][6]. - Bear Electric's core product line, particularly in kitchen appliances, is facing market share erosion from competitors, leading to a 10.1% decline in revenue from this segment in 2024 [12]. Financial Performance - The gross profit margin for Bear Electric decreased to 35.29% in 2024 from 36.61% the previous year, attributed to a shift in revenue structure and increased costs [10]. - Operating costs rose by 2.67% year-on-year, with raw material costs increasing by 4% and labor costs by 10.42% [10]. - Management expenses grew by 24.25% to 236 million yuan, financial expenses surged by 171.74% to 14.377 million yuan, and R&D expenses increased by 36.48% to 195 million yuan [10]. Market Dynamics - The overall retail sales of kitchen small appliances in 2024 were 60.9 billion yuan, a slight decline of 0.8%, indicating a stagnation in industry growth [15]. - The market is transitioning into a phase of stock competition, with the previous "home economy" benefits dissipating and consumers extending their product replacement cycles [17]. - Companies must balance high-end product development, international expansion, and cost control to sustain growth in a highly competitive environment [18].

当前，国内小家电市场的竞争愈发激烈，价格战此起彼伏。近日，小熊电器披露了2024年财报，其中显 示，小熊电器2024年实现营收47.58亿元，同比增0.98%；但归母净利润仅有2.88亿元，跌至2021年水 平，同比大幅下降35.37%，创下了近九年来的最大跌幅。 作为一家以创意小家电研发、设计、生产和销售为主的企业，小熊电器的市场表现一直备受关注。 以下文章来源于侃见财经 ，作者侃见财经 侃见财经 . 看见不一样的财经！ 本文转载自侃见财经 值班编辑 | 江江 视觉 | 诺言 潮水退去，谁在裸泳？ 截至4月11日收盘，小熊电器股价报42.87元，年内累计跌幅为10.52%，在此之前年K线已录得四连跌， 相较于2023年6月高点，累计跌幅超55%，总市值为67.32亿元。 从股价表现来看，市场对小熊电器的未来预期较为悲观。从财报表现来看，小熊电器的业绩仍处于下行 周期，拐点仍未到来。 为何"增收不增利" 据介绍，小熊电器是一家以自主品牌"小熊"为核心，运用互联网大数据进行创意小家电研发、设计、生 产和销售，并在产品销售渠道与互联网深度融合的"创意小家电+互联网"企业，不断向消费者推出创新 多元、精致时尚、小巧 ...

事件：2025 年4 月8 日，小熊电器发布2024 年年报。24 年公司营收/归母净利润/扣非归母净利润分别为 48/2.9/2.5 亿元，同比分别为+1/-35/-36%，其中24Q4 分别为16/1.1/1.2 亿元，同比分别为+16/-17/+6%， 24Q4收入恢复双位数增长，主要或受益于国补政策，利润端环比改善明显。 24 年个护、母婴、生活小家电拓展成效明显，海外、线下增长亮眼。 分产品看，24 年厨房小家电/生活小家电/个护小家电/母婴小家电/其他小家电/其他业务收入分别为 32.8/5.6/3.6/2.5/2.0/1.1 亿元，同比分别为-10/+15/+174/+32/-9/+187%，个护小家电和其他业务高增，母 婴小家电和生活小家电快速增长，新品类拓展成效明显，厨房小家电和其他小家电有所承压。 分渠道看：24 年国内、海外收入分别为41 亿元（yoy-6%）、6.7 亿元(yoy+81%)，线上、线下收入分别 为36 亿元（yoy-7%）、11 亿元（yoy+35%），海外和线下表现亮眼。 24Q4 盈利能力环比显著改善，期间费用率有所增加。 1）毛利率：24A/24Q4 分别为35. ...

丨证券研究报告丨 %% %% research.95579.com 1 小熊电器（002959.SZ） cjzqdt11111 [Table_Title 国补赋能+外延扩张双引擎，公司四季度营收实 2] 现较好增长 公司研究丨点评报告丨小熊电器（002959.SZ） [Table_Title] 国补赋能+外延扩张双引擎，公司四季度营收实 现较好增长 报告要点 [Table_Summary] 2024 年公司实现营业收入 47.58 亿元，同比增长 0.98%，实现归母净利润 2.88 亿元，同比下 滑 35.37%，实现扣非归母净利润 2.46 亿元，同比下滑 35.51%；其中，2024Q4 公司实现营业 收入 16.19 亿元，同比增长 16.18%，实现归母净利润 1.08 亿元，同比下滑 17.03%，实现扣 非归母净利润 1.2 亿元，同比增长 6.01%。 分析师及联系人 陈亮 SAC：S0490517070017 SFC：BIS999 请阅读最后评级说明和重要声明 %% %% [Table_Summary2] 事件描述 公司披露年报：2024 年公司实现营业收入 47.58 亿元，同比增长 0. ...

Core Viewpoint - The company reported a revenue of 4.8 billion yuan for 2024, with a year-on-year growth of 1%, but a significant decline in net profit by 35% to 290 million yuan [2][3]. Group 1: Financial Performance - The company achieved a revenue of 1.6 billion yuan in Q4 2024, representing a year-on-year increase of 16%, while net profit for the same period was 110 million yuan, showing a decline of 17% [2][3]. - The profit distribution plan for 2024 includes a cash dividend of 10 yuan per 10 shares, resulting in a cash dividend ratio of 54% [2]. Group 2: Revenue Breakdown - Domestic and international revenues for 2024 were 4.1 billion yuan and 700 million yuan, respectively, with year-on-year changes of -6% and +81%, indicating a growing international presence [3]. - Revenue from kitchen, lifestyle, personal care, and maternal and infant small appliances for 2024 was 3.3 billion, 600 million, 400 million, and 300 million yuan, respectively, with notable growth in personal care (+174%) and maternal and infant appliances (+32%) [3]. Group 3: Profitability and Costs - The company's gross margin for 2024 was 35.3%, a decrease of 1.3 percentage points year-on-year, while Q4 gross margin improved to 34.7%, up by 2.8 percentage points [4]. - The net profit margin for 2024 was 6.4%, down by 3.0 percentage points year-on-year, with Q4 net profit margin at 7.4%, a decline of 2.0 percentage points [4]. - The company reported a significant decrease in operating cash flow, with a net amount of 230 million yuan for 2024, down by 67% year-on-year [4].