| 证券代码：002959 | 证券简称：小熊电器 | 公告编号：2025-059 | | --- | --- | --- | | 债券代码：127069 | 债券简称：小熊转债 | | 小熊电器股份有限公司 关于"小熊转债"调整转股价格的公告 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： 债券代码：127069 债券简称：小熊转债 调整前转股价格：52.21 元/股 调整后转股价格：52.19 元/股 转股价格调整生效日期：2025 年 10 月 24 日 一、关于可转换公司债券转股价格调整的相关规定 经中国证券监督管理委员会《关于核准小熊电器股份有限公司公开发行可转换 公司债券的批复》（证监许可〔2022〕1099 号）核准，小熊电器股份有限公司（以 下简称"公司"）向社会公开发行了 5,360,000 张可转换公司债券，每张面值 100 元， 期限 6 年，募集资金总额为 53,600.00 万元，扣除各项发行费用 865.92 万元（不含 税），实际募集资金净额为 52,734.08 万元。前述募集资金到位情况经信永中和会计 师事务所（特 ...

证券代码：002959 证券简称：小熊电器 公告编号：2025-058 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股票期权 第三个行权期行权结果暨股份上市的公告 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： 1、本次实际行权的激励对象共25人，行权股票的上市流通数量为18.81万股， 占公司总股本的0.12%，行权价格为34.75元/份； 2、本次行权的股票期权简称：小熊JLC2； 3、本次行权的股票期权代码：037294； 4、本次股票期权行权模式为集中行权； 5、本次可行权股票来源：公司向激励对象定向发行公司A股普通股，行权 后公司总股本增加无限售流通股18.81万股； 6、本次股票上市流通时间：2025年10月24日。 小熊电器股份有限公司（以下简称"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 划首次授予股票期权第三个行权期及预留授予股票期权第二个行权期行权条件 成就的议案》。根据《2022年股票期权与限制性股票激励计划（草案）》（以 ...

1 证券简称：小熊电器 证券代码：002959 债券简称：小熊转债 债券代码：127069 东莞证券股份有限公司 关于小熊电器股份有限公司 可转换公司债券调整转股价格的 临时受托管理事务报告 债券受托管理人 （住所：东莞市莞城区可园南路一号） 二〇二五年十月 重要声明 根据《公司债券发行与交易管理办法》（以下简称"交易管理办法"）、《可 转换公司债券管理办法》（以下简称"管理办法"）、《小熊电器股份有限公司 与东莞证券股份有限公司关于小熊电器股份有限公司向不特定对象发行可转换 债券之受托管理协议》（以下简称"受托管理协议"）、《小熊电器股份有限公 司向不特定对象发行可转换公司债券募集说明书》《公司债券受托管理人执业行 为准则》等相关规定和约定，东莞证券股份有限公司（以下简称"东莞证券"） 作为受托管理人，以公开信息披露文件、发行人提供的相关资料等为信息来源编 制本临时受托管理事务报告。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为东莞证券所作的承诺 或声明。未经东莞证券书面许可，不得将本报告用作其他任何用途。 2 释义 在本报告中，除 ...

Core Insights - The company, Bear Electric, reported that as of October 20, 2025, the total number of shareholders is 18,193 [2] Company Information - Bear Electric engaged with investors on an interactive platform to provide updates on shareholder numbers [2] - The reported figure of 18,193 shareholders indicates the company's engagement and transparency with its investor base [2]

证券代码：002959 证券简称：小熊电器 公告编号：2025-057 小熊电器股份有限公司 关于部分监事、高级管理人员减持计划期限届满暨实施结果的公告 本公司监事会主席黎志斌先生、副总经理刘奎先生保证向本公司提供的信息 内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 小熊电器股份有限公司（以下简称"公司"）于 2025 年 6 月 27 日披露了《关于 部分监事、高级管理人员减持股份的预披露公告》（公告编号：2025-039），公司监 事会主席黎志斌先生计划自减持计划公告披露之日起15个交易日后的3个月内通过 集中竞价交易方式和/或大宗交易方式减持公司股份合计不超过 50,720 股（占公司剔 除回购专用证券账户持股数量的总股本比例 0.03%）；副总经理刘奎先生计划自减持 计划公告披露之日起 15 个交易日后的 3 个月内通过集中竞价交易方式和/或大宗交 易方式减持公司股份合计不超过 79,588 股（占公司剔除回购专用证券账户持股数量 的 总 股 本 比 例 0.05% ）， 具 体 内 容 详 见 《 证 券 时 报 》 ...

Core Viewpoint - The company announced that Vice General Manager Liu Kui will reduce his holdings by selling 79,588 shares between August 11, 2025, and September 8, 2025, at a price range of 49.83 to 55.65 yuan per share, with an average selling price of 53.57 yuan per share [1] Summary by Sections - **Share Reduction Details** - Liu Kui will reduce his holdings by 79,588 shares, which represents 0.05% of the company's total share capital excluding shares held in the repurchase special account [1] - The selling price range is set between 49.83 and 55.65 yuan per share, with an average price of 53.57 yuan per share [1] - **Management Actions** - The Chairman of the Supervisory Board, Li Zhibin, did not reduce his holdings during the same period [1]

Market Performance - The small home appliance sector increased by 0.85% on October 21, with ST Dehao leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Stock Performance - ST Dehao (002005) closed at 2.52, with a rise of 5.00% and a trading volume of 207,700 shares, totaling a transaction value of 51.24 million yuan [1] - Other notable performers included: - Kaineng Health (300272) at 6.56, up 2.82% [1] - Liren Technology (001259) at 26.65, up 2.70% [1] - Beiding Co. (300824) at 11.73, up 2.18% [1] - Shitou Technology (688169) at 179.08, up 1.58%, with a transaction value of 710 million yuan [1] Capital Flow - The small home appliance sector saw a net inflow of 11.15 million yuan from institutional investors, while retail investors contributed a net inflow of 24.19 million yuan [2] - However, there was a net outflow of 35.34 million yuan from speculative funds [2] Individual Stock Capital Flow - Stone Technology (688169) experienced a net outflow of 29.23 million yuan from institutional investors, while retail investors had a net outflow of 37.15 million yuan [3] - ST Dehao (002005) had a net inflow of 14.62 million yuan from institutional investors, but retail investors saw a net outflow of 6.57 million yuan [3] - Other stocks like Supor (002032) and Kaineng Health (300272) also showed mixed capital flows, with varying net inflows and outflows from different investor types [3]

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [5][6]. Core Views - The home appliance sector is experiencing a mixed performance, with major appliances under pressure due to high base effects from last year, while small appliances continue to show growth. The upcoming Double Eleven shopping festival is expected to further boost sales in small appliances [1][12]. - The export value of home appliances in September saw a decline of 9.6%, with air conditioning exports particularly affected, while refrigerators and washing machines showed positive growth [3][40]. - The report highlights the resilience of the home appliance sector despite external challenges, with expectations for continued growth potential in overseas markets as companies expand their global presence [12][40]. Summary by Sections 1. Investment Rating - The home appliance industry is rated as "Outperform" [5]. 2. Market Performance - In September, retail sales of major appliances declined by approximately 20% due to high base effects, while small appliances like rice cookers and air fryers saw growth of 6.1% and 27.7% respectively [1][18]. - The Double Eleven shopping festival has been extended, allowing consumers more time to make purchases, which is expected to benefit sales [2][36]. 3. Export Performance - Home appliance exports fell by 9.6% in September, with air conditioning exports down 23.2%. However, washing machines and vacuum cleaners continued to grow by over 10% [3][40]. - The report notes that the actual overseas sales performance may be better than export figures suggest, as companies are diversifying their production and sales channels [40]. 4. Key Company Recommendations - Recommended companies include Midea Group, Gree Electric Appliances, Haier Smart Home, and TCL for white goods; Boss Electric for kitchen appliances; and Roborock and Ecovacs for small appliances [4][12][13].

Summary of Conference Call Records Company: 小熊电器 (Bear Electric) Key Points: - **Revenue Growth**: In Q3 2025, Bear Electric's revenue growth was primarily driven by overseas markets and promotional activities, with core products like health pots and air fryers showing stable performance. Overseas market revenue increased by 67.8% year-on-year, becoming the main growth engine [1][5][6]. - **Future Revenue Targets**: The company aims to achieve over 1.5 billion in total revenue in Q4 2025, with a domestic e-commerce growth target of 25%-35% during the Double Eleven shopping festival, and an even higher target of over 40% for Pinduoduo. The overseas market is expected to grow by 60%-70% [1][6]. - **Impact of Subsidies**: Approximately 40% of Bear Electric's sales benefited from national subsidy policies, which provided a subsidy range of 15%-20% across various product categories, including health pots and air fryers [1][8][9]. - **Net Profit Margin and Sales Goals**: The net profit margin target for 2025 is maintained at 7%-8%, with a sales target of 5.5 billion, and an expectation to exceed 6 billion in 2026, representing a year-on-year growth of over 15% [1][10]. - **Channel Performance**: In Q3, sales performance across various channels included Tmall at 3.5 billion (up 26.5%), JD at 3.27 billion (up 24%), Pinduoduo at 0.8 billion (up 37%), Douyin live streaming at 0.97 billion (up 53%), and an overseas market performance of 2.2 billion (up 67.8%) [2][3]. - **Product Categories**: The mother and baby category maintained over 30% year-on-year growth, while coffee machines also showed good growth. Core products like health pots and air fryers remained in the top three positions on Tmall and JD, with a year-on-year growth of about 28% [7][10]. - **Competitive Landscape**: Despite supportive policies, the small home appliance industry will continue to face intense competition, especially during major promotional events, with brands like Midea, Joyoung, and Supor engaging in price wars and marketing investments [12][13]. Industry: Paper and Packaging Key Points: - **Cultural Paper Market Decline**: Since Q3, the cultural paper market has seen continuous price declines, with double copper paper down by approximately 500 yuan and double glue paper down by about 200 yuan, primarily due to decreased demand and increased government procurement of electronic products [4][21]. - **Future Capacity Adjustments**: It is expected that 3.5 to 5 million tons of paper production capacity will be eliminated by 2026 due to the current market conditions [4][25]. - **White Card Industry Dynamics**: The high-end packaging demand in the white card industry is growing rapidly, but new capacity is exceeding demand growth, leading to price declines. An additional 2 million tons of white card capacity is expected to be added in 2026, which may create a supply-demand imbalance in the long term [4][30]. - **Market Trends**: The cultural paper market is not expected to recover significantly in 2026, but the second half of the year may show improved conditions compared to 2025, with the elimination of outdated capacity and the introduction of new projects [22][31]. Other Important Insights: - **Investment and M&A Plans**: Bear Electric has plans for investment and mergers, particularly in outdoor products and pet-related sectors, although specific details are not disclosed [17]. - **Future Product Strategies**: The company plans to optimize its product structure by reducing low-efficiency SKUs and focusing on high-margin products, with an emphasis on product design and functionality upgrades [14].

Summary of Key Points from the Conference Call Industry Overview - The home appliance industry is experiencing a shift in competition dynamics, particularly in the white goods sector, with a notable increase in the proportion of mid-to-high-end consumption driven by national subsidies [1][2][4] - Price competition for flow models has eased, returning to levels seen in April, likely due to the seasonal decline in air conditioning demand [1][2][4] - Consumer demand is currently weak, with a notable impact from the expiration of subsidies in various regions, particularly in the southwest and eastern areas of China [2][3] Company Performance Midea Group - Midea's revenue growth is expected to be in the high single digits, around 10%, but profit growth may lag due to the consolidation of assets [1][6] - The company demonstrates strong operational resilience, effectively managing inventory to adjust to market conditions [6] Haier - Haier's revenue growth is projected at 7%-8%, with double-digit profit growth anticipated due to channel reforms and reduced expense ratios [1][7] - The Casarte brand continues to perform well under national subsidy policies, contributing positively to profitability [7] Hisense - Hisense is expected to see slight increases in both revenue and profit, although its central air conditioning business faces challenges [1][8] - The company has experienced a rebound in installation card growth since July, indicating a stabilization in price competition [2][4] TCL - TCL's revenue is expected to remain flat compared to last year, with profit also stabilizing due to high base effects from the previous year [1][9] Hailong Cold Chain - Hailong Cold Chain's revenue is expected to match the first half of 2025, with strong growth in refrigeration and exports [1][10] Market Dynamics Mini LED Technology - The penetration rate of Mini LED technology has slightly decreased, influenced by subsidy reductions and cost adjustments in electronic modules [1][11] - Despite this, product iterations are expected to support higher selling prices [11] Small Appliances - The small appliance sector is witnessing significant growth, particularly in cleaning devices like robotic vacuums, with companies like Stone Technology reporting an 80% revenue growth and a 50% profit increase [1][14] - The kitchen small appliance market remains stable, with companies like Bear Electric projecting a 13% revenue increase, while New Bao is expected to face negative growth [1][15][16] Export Market - The export market is experiencing volatility, particularly in Europe and Latin America, with the latter entering its peak air conditioning sales season [3][5] - Chinese companies are shifting production to countries like Egypt and Thailand to mitigate tariff pressures [3][5] Future Outlook - The small appliance industry is expected to continue evolving, focusing on cost control and innovation to drive growth [1][17] - New product categories, such as washing robots, are anticipated to become significant growth drivers [17]