股票激励计划（以下简称"本激励计划"）首次授予限制性股票第三个解除限售 期符合解除限售条件的激励对象5人，拟解除限售数量为3.30万股，占公司总股 本的0.02%； 前，公司将发布相关提示性公告。 公司于2025年8月27日召开了第三届董事会第十九次会议，审议通过了《关 于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第三个解除限售 期解除限售条件成就的议案》。现将相关事项公告如下： 一、本激励计划基本情况 证券代码：002959 证券简称：小熊电器 公告编号：2025-051 小熊电器股份有限公司 关于 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 第三个解除限售期解除限售条件成就的公告 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。 特别提示： 过《关于公司〈2022 年股票期权与限制性股票激励计划（草案）〉及其摘要的 议案》《关于公司〈2022 年股票期权与限制性股票激励计划实施考核管理办法〉 的议案》以及《关于提请股东大会授权董事会办理股权激励计划相关事宜的议案》。 同日，公司召开第二届监事会第十七次会议，会议审议通过了《关于公 ...

Core Viewpoint - The announcement details the achievement of conditions for the third exercise period of stock options and the second exercise period of reserved stock options under the 2022 stock option and restricted stock incentive plan of the company [1][9][19]. Summary by Sections Incentive Plan Overview - The incentive plan involves 25 eligible participants for the third exercise period, with a total of 188,100 stock options to be exercised, representing 0.12% of the company's total share capital, at an exercise price of 34.75 yuan per share [1][15]. - The second exercise period for reserved stock options will be announced separately once the conditions are met [1]. Board and Supervisory Committee Meetings - The company held multiple meetings to review and approve various aspects of the incentive plan, including the draft plan, management methods, and the list of incentive recipients [2][3][4]. - The supervisory committee confirmed that no objections were raised during the public notice period regarding the incentive recipients [2]. Adjustments to Exercise Prices - The exercise price for the first granted stock options was adjusted from 37.75 yuan to 36.95 yuan, and further adjustments were made in subsequent meetings [4][7][15]. - The latest adjustment set the exercise price for the first granted stock options at 34.75 yuan and for reserved stock options at 46.34 yuan [15]. Conditions for Exercising Options - The conditions for exercising the third exercise period stock options require the company to meet specific performance metrics, including a revenue growth rate of at least 30% compared to 2021 or a net profit growth rate meeting similar criteria [12][13]. - The waiting period for the third exercise period is set to end on October 16, 2025, while the second exercise period for reserved options will end on October 12, 2025 [10][11]. Impact on Company Structure - The exercise of these options is not expected to significantly impact the company's equity structure, and the controlling shareholder will remain unchanged [17]. - The company will manage the funds raised from the exercise of options to supplement its working capital [18]. Compliance and Legal Opinions - The supervisory committee and independent financial advisors confirmed that the incentive plan complies with relevant laws and regulations, and the conditions for exercising the options have been met [19][20].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][24]. Core Views - The company has shown accelerated revenue growth and significant profit recovery in H1 2025, with revenue reaching 2.53 billion (+18.9%) and net profit attributable to shareholders at 200 million (+27.3%) [1]. - The kitchen small appliance sector is stabilizing and showing upward trends, benefiting from national subsidy policies, which have led to a recovery in prices and improved demand for mid-to-high-end products [1][2]. - Emerging categories such as maternal and infant care and personal care appliances are growing rapidly, with maternal and infant small appliance revenue increasing by 40.5% to 150 million and personal care appliances growing by 416.0% to 320 million [2]. - The company's gross margin and profitability have improved significantly, with H1 gross margin at 37.2% (+0.5 percentage points) and net profit margin at 6.2% (+5.1 percentage points) [3]. Summary by Sections Revenue and Profitability - In H1 2025, the company achieved revenue of 2.53 billion, a year-on-year increase of 18.9%, and a net profit of 200 million, up 27.3% [1]. - Q2 2025 saw revenue of 1.21 billion (+29.6%) and net profit of 80 million (+641.5%) [1]. - The company’s H1 gross margin improved to 37.2%, with Q2 gross margin at 37.6% [3]. Market Trends - The kitchen small appliance market in China saw a retail sales increase of 9.3% to 31.9 billion in H1 2025, with average retail prices expected to rise over 10% [1]. - Domestic sales increased by 8.4% to 2.12 billion, while overseas sales surged by 138.8% to 410 million, largely due to the contribution from the acquisition of Roman Smart [2]. Financial Forecasts - The company’s net profit forecasts for 2025-2027 have been raised to 450 million, 518 million, and 584 million, respectively, reflecting a year-on-year growth of 56%, 15%, and 13% [4][5]. - The projected PE ratios for 2025, 2026, and 2027 are 19, 17, and 15 times, respectively [4].

2025 年 08 月 29 日 小熊电器(002959.SZ) Q2 收入快速增长，盈利能力显著改善 事件：小熊电器公布 2025 年半年度公告。公司 2025H1 实现收 入 25.3 亿元，YoY+18.9%；实现归母净利润 2.0 亿元，YoY+27.3%。 经折算，Q2 单季度实现收入 12.1 亿元，YoY+29.6%；实现归母净 利润 0.8 亿元，YoY+641.5%。展望后续，随着公司不断拓展新品 类，持续发力海外市场，收入有望保持增长趋势。 Q2 收入实现快速增长：国内家电以旧换新政策提振厨房小家电 行业需求。根据久谦，Q2 小熊线上销售额 YoY+15%，均价 YoY+9%。 从品类来看，Q2 小熊线上榨汁机、养生壶、厨师机等品类销售实 现快速增长。我们分析 Q2 公司内销业务实现良好增长。另一方 面，受美国关税的影响，我们判断 Q2 公司海外业务（不含罗曼智 能）有所承压。此外，2024 年 7 月公司并表罗曼智能，为公司收 入带来增量。2025H1 罗曼智能实现收入 2.9 亿元。剔除罗曼智能 收入后，2025H1 公司收入同比+5.5%。 Q2 盈利能力同比提升显著：Q2 公司归母 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 2.535 billion yuan in the first half of 2025, representing a year-on-year increase of 18.94%, with a net profit of 205 million yuan, up 27.32% year-on-year [7] - The growth was driven by emerging product categories, with the mother and baby small appliances segment growing by 40.5% year-on-year [7] - The company is expanding its overseas market presence while improving profit margins through cost reduction and efficiency enhancement [7] - The forecasted net profits for 2025-2027 are 422 million, 499 million, and 566 million yuan, respectively, with corresponding PE ratios of 20.2x, 17.1x, and 15.1x [7] Financial Performance Summary - Revenue projections for the company are as follows: 4,712 million yuan in 2023, 4,758 million yuan in 2024, 5,420 million yuan in 2025, 6,050 million yuan in 2026, and 6,690 million yuan in 2027, with growth rates of 14.4%, 1.0%, 13.9%, 11.6%, and 10.6% respectively [6][8] - The net profit for 2023 is projected at 445 million yuan, decreasing to 288 million yuan in 2024, then increasing to 422 million yuan in 2025, 499 million yuan in 2026, and 566 million yuan in 2027 [6][8] - The company's gross margin improved to 37.6% in Q2 2025, up 3.2 percentage points year-on-year [7] Market Performance - The company's stock price closed at 54.41 yuan on August 28, 2025, with a circulating share capital of 1.52 billion shares and a total share capital of 1.57 billion shares [2]

2025年开年，新国补政策首次将微波炉、电饭煲列入补贴范围，给深陷存量竞争的小家电市场注入一 剂"回春针"。政策利好下，一方面存量竞争加剧了小家电企业的阵营分化，"强者恒强"成大趋势;另一 方面"价值消费"属性凸显，"可以贵但要值"的新消费理念，成为小家电增长的突破重点。 8月29日，小熊电器（002959）发布2025年半年报，数据显示，2025年1—6月，小熊电器营业总收入 25.35亿元，同比增长18.94%;归母净利润2.05亿元，同比增长27.32%。其营收、利润稳健双增长的财报 一出，印证小熊电器顺应行业及消费趋势变化，以产品创新及生活方式品牌转型为锚点，为打好"品质 升级"这场硬仗，做出了良好示范。 全系提升产品力，为用户研发是重中之重 据奥维云网(AVC)2025年1—6月全渠道推总数据显示，厨房小家电产品的出货量同比下降1.2%;零售额 同比增长9.3%;均价234元，同比增长10.6%。同时，厨房小家电全品类线上400+、线下1000+价位段都 有不同的程度的上涨，而以下的分价格段逐个下滑，与以往的分层上涨有明显的差异。这充分表明，厨 房小家电正在进行产品结构的升级变化，而消费者对于更高价 ...

2025 年 8 月 29 日 公司研究 新兴品类持续发力，净利率提升明显 ——小熊电器（002959.SZ）2025 年半年报业绩点评 要点 事件： 公司发布 2025 年半年报：25H1 实现营收 25 亿元(YoY+19%)；归母净利润/扣 非归母净利润 2.0/1.9 亿元，同比+27%/+52%；其中 25Q2 实现营收 12 亿元 （YOY+30%），归母净利润/扣非归母净利润 0.8/0.6 亿元，同比+642%/+657%。 点评： 新兴品类持续发力，积极布局海外业务。分区域看，2025H1 国内/国外营收分 别为 21/4 亿元（同比+8%/+139%），分别占比总营收 84%/16%（其中海外占 比同比提升 8.2pcts），海外业务占比提升部分原因系罗曼智能并表所致（25H1 罗曼智能子公司收入 2.9 亿元，净利润 0.3 亿元）。分品类看，2025H1 厨房/ 生 活 / 个 护 / 母 婴 小 家 电 营 收 分 别 为 17/2/3/1 亿 元 （ 分 别 同 比 +5%/-13%/+416%/+41%），厨房&生活小家电行业整体偏弱，公司积极布局个 护/母婴小家电，罗曼并表对个 ...

中报观察丨家居企业海外营收成"亮点" 本周，家居行业企业集中发布2025年半年度报告，新智家梳理多家家居企业半年报数据发现，顾家家 居、梦百合、慕思股份、坚朗五金、好莱客、索菲亚等的海外营收均实现不同程度增长。 【财面儿】 新智家注意到，虽然家居行业处于调整期，但部分家居企业仍取得内外营收双增长的成绩。其中，今年 上半年，顾家家居营收98.01亿元，同比增长10.02%；海外营收42.58亿元，同比增长9.55%。梦百合营 收 43.16 亿元，同比增长9.35%；海外主营业务营收34.18亿元，同比增长 8.10%。 此外，部分家居企业虽然在上半年营收有所下降，但海外市场营收却大幅增长。今年上半年，慕思股份 营收同比下降5.76%，但海外营收同比增长73.97%；坚朗五金营收同比下降14.18%，海外营收同比增长 30.75%；好莱客营收同比下降10.09%，海外营收同比增长25.99%；索菲亚营收同比下降7.68%，出口营 收同比增长39.49%。 【行业】 适老家具设计指南国家标准发布 8月25日，"市说新语"微信公众号发布消息，近日，市场监管总局（国家标准委）批准发布《适老家具 设计指南》国家标准，将 ...

| 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603215 比依股份 | | 1351.29万 | 6.58% | 47.88万 | 0.23% | -1399.17万 | -6.81% | | 301187 | 欧圣电气 | 1165.67万 | 6.42% | 371.83万 | 2.05% | -1537.50万 | -8.47% | | 002242 九阳股份 | | 245.62万 | 3.66% | 501.93万 | 7.48% | -747.55万 | -11.14% | | 001259 | 利仁科技 | 227.99万 | 5.13% | -722.96万 | -16.26% | 494.98万 | 11.13% | | 301332 德尔玛 | | 208.21万 | 3.86% | 455.73万 | 8.45% | -663.94万 | -12.31% | | 003023 | 彩虹隼团 ...

Key Insights - The report highlights the stable recovery of the macroeconomic environment, with Japan's GDP growth exceeding expectations in Q2 and manufacturing PMI showing unexpected improvement, leading to a rise in the Nikkei 225 index to a historical high [2][3] - The report emphasizes the investment opportunities in the "AI+" sector, particularly in hardware and infrastructure, driven by government policies promoting AI development [3][4] - The report discusses the performance of specific companies, such as Xiaoxiong Electric and Water Well, noting their revenue growth and strategic focus on product innovation and channel health [5][6][10][12] Company Performance - Xiaoxiong Electric reported a total revenue of 2.535 billion yuan in H1 2025, a year-on-year increase of 18.94%, with a net profit of 205 million yuan, up 27.32% [5] - Water Well's H1 2025 revenue was 1.5 billion yuan, with a net profit decline of 56.5%, indicating challenges in demand but a focus on channel health [6] - Guolian Minsheng's H1 2025 revenue reached 4.011 billion yuan, a significant increase of 269%, with net profit soaring by 1185% due to the consolidation of Minsheng Securities [7] Industry Trends - The "AI+" initiative is expected to accelerate the development of related industries, with a focus on hardware such as AI glasses and smart home devices [3] - The report notes the increasing demand for data center services, with companies like WanGuo Data expanding their operations and achieving significant order growth [16] - The banking sector shows signs of stability, with several banks reporting steady growth in net profit and revenue, indicating a resilient financial environment [10][19][23]