Core Viewpoint - Xiaoxiong Electric Co., Ltd. reported strong financial performance in the first half of 2025, with significant year-on-year growth in both revenue and net profit [1][2]. Financial Performance - The company achieved operating revenue of 2.535 billion yuan, representing a year-on-year increase of 18.94% [1]. - The net profit attributable to shareholders reached 205 million yuan, marking a year-on-year growth of 27.32% [1]. Business Strategy and Market Position - Xiaoxiong Electric, established in March 2006, focuses on the research, design, production, and sales of small home appliances under its own brand [2]. - The company capitalized on policy incentives, leading to a 9.3% year-on-year increase in the overall retail sales of kitchen small appliances in China, which reached 31.9 billion yuan [2]. - The kitchen small appliance segment generated revenue of 1.673 billion yuan, reflecting a growth of 5.02% year-on-year [2]. Product Development and Innovation - The company increased investment in research and development for maternal and infant small appliances, launching a series of popular products and achieving a comprehensive product upgrade [2]. - The maternal and infant small appliance segment reported revenue of 145 million yuan, with a remarkable year-on-year growth of 40.54% [2]. Subsidiary Performance - The subsidiary, Guangdong Roman Intelligent Technology Co., Ltd., advanced its major client strategy, enhancing business collaboration with key partners and improving customer structure [3]. - Roman Intelligent achieved revenue of 286 million yuan in the first half of the year [3].

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a total revenue of 2.535 billion RMB for H1 2025, representing a year-on-year increase of 18.94%, and a net profit attributable to the parent company of 205 million RMB, up 27.32% year-on-year. Q2 2025 saw revenue growth of 29.58% and net profit growth of 641.5% year-on-year. The revenue recovery is attributed to a low base effect, the consolidation of Roman Smart, and the growth of emerging categories such as maternal and infant products. The company is focusing on improving profitability quality, which is being realized [1][8][6] - The traditional business (excluding Roman Smart) saw a revenue increase of 5.5% in H1 2025, with kitchen small appliances, lifestyle small appliances, and maternal and infant small appliances growing by 5%, -13.2%, and 40.5% respectively. The company is leveraging the growth of popular maternal and infant products and the recovery in kitchen small appliance demand to achieve stable growth [2] - Roman Smart's net profit for H1 2025 reached 33.92 million RMB, exceeding the annual performance commitment of 25 million RMB, demonstrating the synergy effects of the acquisition. Future profitability contributions are expected to continue to enhance as scale effects and customer expansion deepen [3] - The gross margin for H1 2025 was 37.19%, an increase of 0.49 percentage points year-on-year. The gross margin improved due to the rapid growth of high-margin maternal and infant categories (46.3% gross margin) and enhanced cost control capabilities in the supply chain [4] - The overall expense ratio for H1 2025 decreased by 2.86 percentage points year-on-year, with the sales expense ratio down 1.69 percentage points. The company’s net profit excluding non-recurring items increased by 52.5%, indicating continuous improvement in operational quality and strong profitability recovery [5] - The company has raised its net profit forecast for 2025-2027 to 402.1 million RMB, 451 million RMB, and 483 million RMB respectively, reflecting increases of 14.98%, 17.86%, and 16.05%. The target price is set at 71.68 RMB, based on a 28x PE for 2025 [6][9]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's Q2 2025 performance exceeded market expectations, with H1 2025 revenue of 2.535 billion yuan, a year-on-year increase of 19%, and a net profit attributable to the parent company of 205 million yuan, up 27% [4][7] - The kitchen small appliance market is recovering due to national subsidies, and the consolidation of Roman Smart is contributing to revenue growth [7] - The company's profitability has improved year-on-year, with a gross margin of 37.60% in Q2 2025, an increase of 3.21 percentage points [7] - The profit forecast for 2025-2027 has been raised, with expected net profits of 401 million, 448 million, and 505 million yuan respectively, corresponding to current P/E ratios of 21, 19, and 17 [7] Financial Data and Profit Forecast - For H1 2025, the company achieved a revenue of 2.535 billion yuan, with a net profit of 205 million yuan and a non-recurring net profit of 187 million yuan, showing significant growth rates of 19%, 27%, and 52% respectively [4][7] - The projected total revenue for 2025 is 5.332 billion yuan, with a year-on-year growth rate of 12.1% [6] - The expected gross margin for 2025 is 35.7%, with a return on equity (ROE) of 13.4% [6]

公司最新资产负债率为46.40%，较去年同期资产负债率增加0.45个百分点。 公司最新毛利率为37.19%。最新ROE为7.13%。 2025年8月29日，小熊电器(002959.SZ)发布2025年中报。 公司营业总收入为25.35亿元。归母净利润为2.05亿元。经营活动现金净流入为1.42亿元。 公司最新总资产周转率为0.43次。最新存货周转率为1.94次，在已披露的同业公司中排名第10，较去年 同期存货周转率减少0.25次，同比较去年同期下降11.53%。 公司摊薄每股收益为1.30元。 ...

每经AI快讯，小熊电器（SZ 002959，收盘价：54.41元）8月29日发布公告称，公司第三届第十九次董 事会会议于2025年8月27日在公司会议室召开。会议审议了《2025年半年度募集资金存放与使用情况的 专项报告》等文件。 2024年1至12月份，小熊电器的营业收入构成为：小家电行业占比100.0%。 每经头条（nbdtoutiao）——申请超2万份，已开出41家，加盟海底捞，你要准备多少钱？1000万元不算 多，真实"账单"公布 （记者 张明双） ...

智通财经APP讯，小熊电器(002959.SZ)发布2025年半年度报告，报告期内，公司实现营业收入25.35亿 元，同比增长18.94%。实现归属于上市公司股东的净利润2.05亿元，同比增长27.32%。实现归属于上市 公司股东的扣除非经常性损益的净利润1.87亿元，同比增长52.45%。基本每股收益1.3047元。 ...

格隆汇8月28日丨小熊电器(002959.SZ)公布2025年半年度报告，上半年公司实现营业收入25.35亿元，同 比增长18.94%；归属于上市公司股东的净利润2.05亿元，同比增长27.32%；归属于上市公司股东的扣除 非经常性损益的净1.87亿元，同比增长52.45%；基本每股收益1.3047元。 ...

上市公司 2025 半年度非经营性资金占用及其他关联资金往来情况汇总表 | | | 占用方与上市公司的 | 上市公司核算 | 2025半年度期初 | 2025半年度占用 | 2025半年度占 | 2025半年度偿 | 2025半年度期 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | 关联关系 | 的会计科目 | 占用资金余额 | 累计发生金额（ | 用资金的利息 | 还累计发生 | 末占用资金余 | 占用形成原因 | 占用性质 | | | | | | | 不含利息） | （如有） | 金额 | 额 | | | | 控股股东、实际控 | | | | | | | | | | | | 制人及其附属企业 | | | | | | | | | | | | 小计 | — | — | — | | | | | | — | — | | 前控股股东、实际 | | | | | | | | | | | | 控制人及其附属企 | | | | | | | | | | | | 业 | | | | ...

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。 根据《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《深 圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》的相关规定， 小熊电器股份有限公司（以下简称"公司"）董事会编制了截至 2025 年 6 月 30 日募集 资金存放与使用情况的专项报告。 一、募集资金基本情况 1、募集资金金额及到位时间 （1）2019 年度首次公开发行股票 经中国证监会《关于小熊电器股份有限公司首次公开发行股票的批复》（证监许可 [2019]1278 号）核准，公司获准向社会公开发行人民币普通股股票（A 股）3,000 万股， 每股面值人民币 1 元，每股发行价格为人民币 34.25 元，募集资金合计 1,027,500,000.00 元。根据公司与主承销商、上市保荐人东莞证券股份有限公司（以下简称"东莞证券"） 签订的承销暨保荐协议，公司应支付东莞证券承销保荐费 70,897,500.00 元及对应增值 税 4,253,850.00 元（其中前期已经支付 2,000,000.00 元及对应增值税 ...

小熊电器股份有限公司 2025 年半年度财务报告 小熊电器股份有限公司 2025 年半年度财务报告 2025 年 8 月 小熊电器股份有限公司 2025 年半年度财务报告 财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：小熊电器股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 1,951,787,022.35 | 1,668,124,480.11 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 707,807,981.64 | 1,160,984,041.89 | | 衍生金融资产 | | | | 应收票据 | | | | 应收账款 | 171,063,912.58 | 257,688,189.15 | | 应收款项融资 | | | | 预付款项 | 39,163,147.09 | 38,897,579.56 | | 应收保费 | ...