关于参加广东辖区 2025 年投资者网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，小熊电器股份有限公司（以下简称"公 司"）将参加由广东证监局、广东上市公司协会联合举办的"向新提质 价值领航 ——2025 年广东辖区投资者集体接待日暨辖区上市公司中报业绩说明会"，现将 相关事项公告如下： 证券代码：002959 证券简称：小熊电器 公告编号：2025-053 小熊电器股份有限公司 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参与 本次互动交流，活动时间为 2025 年 9 月 19 日（周五）15:30-17:00。届时公司独 立董事、高级管理人员将在线就 2025 年半年度业绩等投资者关心的问题，与投 资者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告。 小熊电器股份有限公司 董 事 会 2025 年 9 月 17 日 ...

Group 1 - The report highlights a stable performance in the home appliance industry, with a focus on the support for domestic demand through policies and the potential turning point in exports [5][6] - White goods are expected to maintain strong sales momentum, supported by the third batch of subsidies for trade-in programs, with leading companies like Midea Group, Haier Smart Home, Hisense Home Appliances, and Gree Electric showing robust financial performance [7][8] - The black goods segment benefits from domestic trade-in policies, with a steady increase in average prices and a projected stable growth in the global market size by 2025, recommending Hisense Visual and TCL Electronics as key players [7][8] Group 2 - The report indicates that the two-wheeler market will see accelerated growth due to national subsidies, with leading companies like Yadea Holdings expected to outperform the industry significantly [7] - The post-cycle segment shows improved operations, with a narrowing decline due to supportive policies in real estate, recommending companies like Robam Appliances and Vatti Corporation for investment [7] - The small appliance sector is experiencing a turnaround, with expectations for improved demand and market dynamics by 2025, highlighting companies like Ecovacs Robotics and Supor as potential investment opportunities [7] Group 3 - The report provides a market review for August, noting that the home appliance index increased by 4.73%, although it underperformed compared to the broader market indices [16][17] - The relative valuation of the home appliance sector is at a low point, with a PE ratio of 14.14 times, indicating potential investment value [17][18] - Key data tracking shows fluctuations in commodity prices, with copper and aluminum prices increasing year-on-year, while shipping rates have decreased [22][24]

Market Overview - The small home appliance sector experienced a decline of 1.47% on September 12, with Ecovacs leading the drop [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Stock Performance - Notable gainers included: - Fuhua Co., Ltd. (603219) with a closing price of 18.72, up 2.80% [1] - Jizhi Technology (870726) at 21.19, up 0.95% [1] - Kaineng Health (300272) at 6.73, up 0.75% [1] - Major decliners included: - Ecovacs (603486) at 98.73, down 1.71% [2] - Dechang Co., Ltd. (605555) at 17.40, down 1.53% [2] - Xiaoxiong Electric (002959) at 54.90, down 1.38% [2] Capital Flow - The small home appliance sector saw a net outflow of 10.27 million yuan from institutional investors, while retail investors experienced a net outflow of 93.34 million yuan [2] - Conversely, speculative funds recorded a net inflow of 104 million yuan [2] Individual Stock Capital Flow - Fuhua Co., Ltd. (603219) had a net outflow of 38.21 million yuan from institutional investors, while it saw a net inflow of 24.31 million yuan from speculative funds [3] - Ecovacs (603486) had a net outflow of 38.1 million yuan from institutional investors [3] - Suo Boer (002032) recorded a net inflow of 10.76 million yuan from institutional investors [3]

Group 1 - The Shandong Provincial Market Supervision Administration announced the results of the provincial quality supervision sampling inspection for multi-purpose pots in 2025, with a total of 58 batches inspected [3][4] - The inspection covered production, sales, and online sales, with 22 batches from production, 31 from sales, and 5 from online sales [3] - One batch produced by Binzhou Nanbei Electric Technology Co., Ltd. failed to meet the relevant standards, specifically in mechanical strength [3][4] Group 2 - The inspection was conducted based on national safety standards for household and similar electrical appliances, including GB 4706.1-2005 and GB 4706.19-2008 [3] - The inspection criteria included protection against electric shock, input power and current, heating, leakage current under working temperature, moisture resistance, stability, mechanical hazards, and electrical insulation [3] - The Shandong Provincial Market Supervision Administration has mandated relevant departments to handle the non-compliance results according to the Product Quality Law of the People's Republic of China [4]

Core Viewpoint - The company aims to strengthen its global market presence and become a leading player in the small home appliance industry [1] Group 1 - The company has a diverse distribution of overseas customers, including regions such as Japan, South Korea, Southeast Asia, Europe, and North America [1] - The company is committed to enhancing its global market layout [1]

证券日报网讯小熊电器（002959）9月11日在互动平台回答投资者提问时表示，截至2025年8月29日，公 司股东总户数为20，337户。 ...

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 69.5 yuan [2][8]. Core Insights - The company reported a revenue of 2.54 billion yuan for H1 2025, representing a year-over-year increase of 18.9%. The net profit attributable to shareholders was 210 million yuan, up 27.3% year-over-year. For Q2 2025, the revenue was 1.21 billion yuan, showing a significant year-over-year growth of 29.6%, while the net profit reached 75 million yuan, a remarkable increase of 641.5% [2][8]. - The revenue growth is attributed to both organic growth and the consolidation of Roman Smart, driven by government subsidy policies, effective new channel strategies, and successful new product categories [8]. - The company's gross margin improved to 37.2% in H1 2025, up 0.5 percentage points year-over-year, with Q2 2025 gross margin at 37.6%, an increase of 3.2 percentage points year-over-year [8]. - The net profit margin for H1 2025 was 8.1%, reflecting a year-over-year increase of 0.5 percentage points, with Q2 2025 net profit margin at 6.2%, up 5.1 percentage points year-over-year [8]. - The report forecasts net profits for 2025, 2026, and 2027 to be 380 million yuan, 440 million yuan, and 460 million yuan respectively, with corresponding P/E ratios of 23, 20, and 19 [8]. Financial Summary - For 2025, the company is projected to achieve total revenue of 5.43 billion yuan, a growth rate of 14.2% compared to 2024. The net profit is expected to be 376 million yuan, reflecting a growth rate of 30.8% [4][9]. - The company’s total assets are estimated to reach 6.51 billion yuan by 2025, with a debt-to-equity ratio of 21.9% [9]. - The report indicates a significant reduction in financial expenses due to increased interest income, contributing positively to profits [8].

一、股东股份质押基本情况 本次质押股份不存在负担重大资产重组等业绩补偿义务。 二、股东股份累计质押情况 证券代码：002959 证券简称：小熊电器 公告编号：2025-052 小熊电器股份有限公司 关于持股 5%以上股东部分股份质押的公告 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质押，具体事项如下： | | 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 | | ...

Group 1 - The core viewpoint of the articles emphasizes the transition of Foshan's manufacturing industry from a "quality economy" to a "brand economy," with a focus on brand development as a key to high-quality growth [1][6]. - The recognition of Bear Electric as a "Brand Building Demonstration Enterprise" by the Foshan Market Supervision Administration highlights its outstanding performance in product quality, standard construction, and brand influence, establishing it as a benchmark in the small home appliance industry [1][3]. - Foshan government sets strict audit standards across multiple dimensions, including revenue scale, environmental certification, product quality control, brand awareness, and industry influence, to promote brand upgrading in the manufacturing sector [3]. Group 2 - Bear Electric has established a comprehensive standardized management system and a full-process quality control system, achieving certifications such as ISO9001 and 3A measurement management, which significantly enhance its quality management standards [3][5]. - The company has received several quality awards, including the Shunde District Government Quality Award in 2018 and the Foshan Government Quality Award in 2021, reflecting its commitment to quality improvement and employee engagement in lean management [5]. - Bear Electric is transitioning from a "small appliance brand" to a "lifestyle brand," providing multi-scenario quality living solutions through product upgrades and innovative designs, aiming to make "quality living easily accessible" its new brand keyword [6][8]. Group 3 - The company actively engages with consumers through online and offline channels, enhancing user experience and satisfaction, as demonstrated at the AWE exhibition where it showcased various innovative products [8]. - Bear Electric is also expanding its international market presence by innovating products based on overseas user needs and registering 30 overseas trademarks, laying the groundwork for enhancing its global brand image [8]. - The successful inclusion of Bear Electric in the brand-building initiative serves as a practical model for brand development in the small home appliance industry, contributing to the high-quality development of Foshan's manufacturing sector [8].

Market Overview - The small home appliance sector experienced a decline of 1.93% on September 4, with Ecovacs leading the drop [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Notable gainers in the small home appliance sector included: - Chicken Wisdom Technology (Code: 870726) with a closing price of 28.37, up 21.92% and a trading volume of 167,600 shares, totaling a transaction value of 442 million yuan [1] - Yanshida (Code: 002403) closed at 16.35, up 10.03% with a trading volume of 114,100 shares, totaling 187 million yuan [1] - Conversely, Ecovacs (Code: 603486) saw a significant decline of 7.34%, closing at 89.37 with a trading volume of 107,000 shares and a transaction value of 972 million yuan [2] Capital Flow - The small home appliance sector experienced a net outflow of 80.12 million yuan from institutional investors, while retail investors saw a net inflow of 99.39 million yuan [2] - The capital flow for specific stocks showed: - Yanshida had a net inflow of 11.3 million yuan from institutional investors, but a net outflow of 57.35 million yuan from speculative funds [3] - Supor (Code: 002032) had a net inflow of 3.78 million yuan from institutional investors, while retail investors experienced a net outflow of 5.76 million yuan [3]