Investment Rating - The report maintains a "Buy" rating for the company with a target price of 53.52 RMB [7][8]. Core Insights - The company reported Q1 2025 revenue of 1.32 billion RMB, a year-on-year increase of 10.58%, while net profit attributable to shareholders was 130 million RMB, a decrease of 13.96% year-on-year. The growth in revenue is attributed to a low base effect and the consolidation of Roman Smart since July 2024. The company is expected to continue its revenue and net profit recovery in Q2 2025 due to increased investment in product development and strong performance in the Douyin channel [1][5]. - Online sales channels showed positive performance in Q1 2025, with sales on Tmall, JD, and Douyin increasing by 21%, 16%, and 80% year-on-year, respectively. The company anticipates a significant recovery in demand for subsidized products as various regions implement replacement policies [2]. - The gross margin for Q1 2025 was 36.81%, reflecting a year-on-year decline of 1.7 percentage points, influenced by the consolidation of Roman Smart, which has a higher ODM ratio and lower gross margin compared to the company's branded business [3]. - The company achieved a reduction in expense ratios in Q1 2025, with a total expense ratio down by 1.66 percentage points year-on-year. Sales expense ratio decreased by 2.55 percentage points due to revenue growth and efficiency improvements, while management expenses increased slightly due to consolidation effects [4]. Financial Projections - The company forecasts net profit attributable to shareholders for 2025 to be 349.8 million RMB, with corresponding EPS of 2.23 RMB. The average PE ratio for comparable companies in 2025 is expected to be 26.6x, while the company is assigned a PE of 24x for 2025 [5][11].

Investment Rating - The investment rating for the company is "Outperform" [1] Core Insights - The company's Q1 2025 performance exceeded expectations, with revenue of 1.32 billion yuan, a year-on-year increase of 11%, and a net profit attributable to shareholders of 130 million yuan, a year-on-year decrease of 14% [4][7] - The kitchen small appliance market is recovering due to government subsidies, with the overall retail sales increasing by 2.5% year-on-year in Q1 2025 [7] - The company has maintained its profit forecast for 2025-2027, expecting net profits of 356 million, 419 million, and 468 million yuan respectively, with corresponding year-on-year growth rates of 23.8%, 17.5%, and 11.8% [7] Financial Data and Profit Forecast - Total revenue for Q1 2025 was 1.32 billion yuan, with a gross margin of 36.81%, a decrease of 1.70 percentage points year-on-year but an increase of 2.15 percentage points from Q4 2024 [6][7] - The company’s net profit margin for Q1 2025 was 10.28%, down 2.35 percentage points year-on-year but up 2.92 percentage points from Q4 2024 [7] - The projected earnings per share for 2025 is 2.27 yuan, with a price-to-earnings ratio of 20 [6][7]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 1.32 billion yuan in Q1 2025, representing a year-on-year increase of 10.6%. However, the net profit attributable to the parent company decreased by 14.0% year-on-year to 130 million yuan [1] - The gross margin for Q1 2025 was 36.8%, down 1.7 percentage points year-on-year. The net profit margin was 10.3%, down 2.4 percentage points year-on-year but up 2.9 percentage points quarter-on-quarter [2] - The company expects a continuous revenue growth, with projected net profits for 2025, 2026, and 2027 at 370 million, 416 million, and 466 million yuan respectively, indicating year-on-year growth rates of 28.7%, 12.4%, and 11.9% [2] Financial Summary - The company’s revenue for 2023 is projected at 4.712 billion yuan, with a year-on-year growth rate of 14.4%. The revenue is expected to reach 5.214 billion yuan in 2025, reflecting a growth rate of 9.6% [4] - The diluted EPS for 2025 is estimated to be 2.36 yuan per share, with a projected P/E ratio of 19.3 times [4] - The net asset return rate is expected to be 12.3% in 2025, increasing to 13.6% by 2027 [4]

Core Insights - The trend of quality living is shifting from a niche demand to a common pursuit among the general public, as highlighted in the "2024 China Consumption Trend Report" by Zhimeng Consulting [1] - Companies must meet users' quality living needs to create user value, enhance innovation value, and achieve strategic value [1] User Demand and Product Innovation - The segmentation in the market is not about product categories but rather about understanding user needs, as emphasized by Japanese lifestyle expert Matsuura Yataro [3] - Small Bear Electric has demonstrated this philosophy by addressing deeper user pain points, such as ease of cleaning and noise reduction in their products [3] - The introduction of the "Good Morning Blender" showcases how Small Bear Electric focuses on user-friendly features that enhance the overall experience [3] Kitchen Space Utilization - The limited kitchen space has led to new demands for efficient space utilization, prompting Small Bear Electric to launch a multifunctional stackable pot that integrates multiple cooking functions [5] - This innovation illustrates that quality upgrades are about precise insights into user needs rather than merely adding product features [5] Transition to Lifestyle Brand - Small Bear Electric is transitioning from a traditional home appliance company to a lifestyle brand, reflecting a comprehensive upgrade in its capabilities [10] - The core standard of a lifestyle brand is to provide suitable solutions for every living need, moving beyond just product experience [6] Comprehensive Product Matrix - Small Bear Electric has developed a rich product matrix with over 90 product categories and more than 1,000 product models to meet users' quality living aspirations [8] - The acquisition of the oral care brand Roman further expands its offerings in personalized health management [8] Continuous Evolution - The evolution from a home appliance brand to a lifestyle brand is a natural outcome of continuously addressing user needs [10] - Small Bear Electric's approach breaks traditional limitations by offering a comprehensive range of products that enhance quality living [10] R&D and Manufacturing Capabilities - Small Bear Electric invests heavily in R&D, with a reported 36.48% increase in R&D expenses for 2024, employing nearly 600 specialized R&D personnel [11] - The company has established five smart manufacturing bases to ensure high-quality production and innovation [11] Digital Transformation - The company is undergoing a digital transformation to enhance operational efficiency, launching the "321" digital system upgrade project [13] - This initiative aims to integrate digital technology into business operations and smart manufacturing, driving high-quality development [13] Conclusion - Small Bear Electric's practices provide a new interpretation of "quality living," focusing on comprehensive lifestyle experiences rather than just product functionality [13] - Companies that genuinely understand and respect user needs are likely to gain a competitive edge in the evolving landscape of quality consumption [13]

Core Insights - The article highlights a shift in laundry needs from merely cleaning clothes to a more multifunctional and personalized approach, driven by a growing health consciousness among consumers [1] - The company, Bear Electric, has responded to this trend by launching the Drum Smart Washing Chamber, which emphasizes health and convenience in laundry care [1][6] Group 1: Product Features - The Drum Smart Washing Chamber offers a deep cleaning experience for intimate wear, addressing common laundry challenges such as color bleeding and drying difficulties during rainy weather [3] - It features the Zhiyuan Power System developed in collaboration with Zhejiang University, equipped with a high-performance NIDEC motor, achieving a cleaning efficiency ratio of 1.36, significantly exceeding industry standards [3][5] - The product incorporates intelligent drying technology that senses fabric moisture levels, allowing for automatic shut-off after drying, thus freeing users from weather constraints [5] Group 2: Health and Hygiene - The washing chamber utilizes 30-degree warm water for gentle stain removal and 75-degree high-temperature washing for effective disinfection, achieving a 99.99% bacteria and virus elimination rate [5][6] - It addresses concerns of cleanliness for sensitive groups and pet owners, ensuring thorough cleaning and hygiene [5] Group 3: User Experience - The product allows remote control via a mobile app, offering 27 customized washing modes based on fabric type and dirt level, enhancing user convenience [6] - It features automatic temperature control and air circulation to prevent odors and bacterial growth, ensuring a fresh laundry experience even if clothes are forgotten in the machine [8] - The Drum Smart Washing Chamber aims to elevate the laundry process into a quality-of-life enhancement ritual, balancing time efficiency with high standards of cleanliness [8]

证券代码：002959 证券简称：小熊电器 公告编号：2025-030 小熊电器股份有限公司 联系电话：0757-29390865 传真：0757-23663298 邮箱：xxdq01@bears.com.cn 联系地址：广东省佛山市顺德区勒流街道富安工业区富兴路 3 号 关于聘任公司副总经理、董事会秘书的公告 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"）董事会近日收到公司副总经理、 董事会秘书刘奎先生提交的书面辞职报告。刘奎先生因工作变动原因申请辞去公 司董事会秘书职务。辞去前述职务后，刘奎先生仍担任公司副总经理职务。根据 《深圳证券交易所股票上市规则》《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》和《公司章程》等相关规定，刘奎先生的书面辞 职报告自送达公司董事会之日起生效，其辞任公司董事会秘书不会影响公司正常 的生产经营。截至本公告披露日，刘奎先生持有公司股份 20,000 股，占公司总股 本的 0.01%，其中 6,000 股为股权激励限售股；持有公司股权激励股票期权 14,480 份 ...

证券代码：002959 证券简称：小熊电器 公告编号：2025-031 小熊电器股份有限公司 关于调整公司组织架构的公告 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 2025 年 4 月 29 日召开第三 届董事会第十八次会议，审议通过了《关于调整公司组织架构的议案》。为适应 公司发展需要，优化公司管理，提高运营效率，公司对组织架构进行调整，调整 后的组织架构详见附件。 特此公告。 小熊电器股份有限公司 2025 年 4 月 30 日 附件： 一、公司组织架构 董 事 会 ...

小熊电器股份有限公司 关于诉讼进展的公告 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。 证券代码：002959 证券简称：小熊电器 公告编号：2025-026 一、本次诉讼的基本情况 2023 年 4 月，小熊电器股份有限公司（以下简称"公司"或"小熊电器"） 起诉湖南中仓供应链管理有限责任公司（以下简称"湖南中仓"）、青岛汉尚电器 有限公司（以下简称"青岛汉尚"）、庞喜存、王海燕、青岛科洛威智能科技有限 公司（以下简称"科洛威"）、广州博厦建筑设计研究院有限公司、湘乡市建设工 程有限责任公司（以下简称"湘乡建设"）、湖南美致建筑工程有限公司、湖南恒 峰消防设备有限公司、胡水良、湖北水都消防工程有限公司、湖南永欣项目管理 有限责任公司（以下简称"湖南永欣"）、湘潭市施工图审查服务有限公司、湖南 建电消防检测有限公司财产损害赔偿纠纷一案（2023）湘 0302 民初 1364 号（以 下简称"案件"或"本案"）获湖南省湘潭市雨湖区人民法院立案受理。2024 年 3 月，公司收到湘潭市雨湖区人民法院作出的（2023）湘 0302 民初 1364 号民事 判决书（ ...

证券代码：002959 证券简称：小熊电器 公告编号：2025-032 为充分尊重投资者、提升交流的针对性，现就公司 2024 年度业绩说明会提 前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于 2025 年 5 月 6 日 15:00 前访问 http://ir.p5w.net/zj/，或扫描下方二维码，进入问题征集专 题页面。公司将在 2024 年度业绩说明会上，对投资者普遍关注的问题进行回答。 欢迎广大投资者积极参与本次网上说明会。 小熊电器股份有限公司 关于举办 2024 年度网上业绩说明会的公告 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"）定于 2025 年 5 月 9 日（星期五） 15:00—17:00 在全景网举办 2024 年度业绩说明会，本次年度业绩说明会将采用 网 络 远 程 的 方 式 举 行 ， 投 资 者 可 登 陆 全景网 " 投 资 者 关 系 互 动 平 台 " （http://ir.p5w.net）参与本次年度业绩说明会。 出席本次业绩说明会的人员有：公司董事长、总经 ...

证券代码：002959 证券简称：小熊电器 公告编号：2025-027 小熊电器股份有限公司 2024 年度股东大会决议公告 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、本次股东大会召开期间，未出现否决议案的情形。 通过互联网投票系统进行网络投票的时间为：2025 年 4 月 29 日 9:15-15:00。 2、会议召开地点：广东省佛山市顺德区大良街道沿江北路 22 号小熊织梦园 会议室。 3、会议召开方式：现场表决和网络投票相结合的方式 4、会议召集人：公司董事会 5、会议主持人：董事长李一峰先生 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、本次股东大会的召开时间 （1）现场会议召开时间：2025 年 4 月 29 日 14:30 （2）网络投票时间： 通过深圳证券交易所交易系统进行网络投票的时间为：2025 年 4 月 29 日 9:15-9:25、9:30-11:30 和 13:00-15:00； 6、本次股东大会的召集和召开符合《公司法》《上市公司股东会规则》及《公 司章程》的规定，会议的表决 ...