证券代码：002959 证券简称：小熊电器 公告编号：2025-028 小熊电器股份有限公司 第三届董事会第十八次会议决议公告 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。 小熊电器股份有限公司（以下简称"公司"）第三届董事会第十八次会议于 2025 年 4 月 29 日在公司会议室召开。本次董事会会议通知及会议材料于 2025 年 4 月 25 日以邮件等形式向公司全体董事发出。会议以现场与通讯相结合方式召开，由董事 长李一峰先生主持。本次会议应出席董事 5 人，实际出席董事 5 人，全部监事和高 级管理人员列席本次会议。本次会议的召集、召开符合有关法律、行政法规、部门 规章、规范性文件和公司章程的规定。 本次会议以书面表决方式进行表决。经与会董事认真审议，本次会议审议并通 过了如下议案： 一、审议并通过《2025 年第一季度报告》 本议案已经审计委员会以 3 票同意全票审议通过。 具 体 内 容 详 见 同 日 公 司 披 露 于 《 证 券 时 报 》 和 巨 潮 资 讯 网 （http://www.cninfo.com.cn）上的《2025 年第一季 ...

小熊电器：一季度归母净利润1.3亿元，同比下降13.96%。 ...

Financial Performance - The company's revenue for Q1 2025 was CNY 1,320,214,914.10, representing a 10.58% increase compared to CNY 1,193,849,343.62 in the same period last year[5] - Net profit attributable to shareholders decreased by 13.96% to CNY 129,741,420.82 from CNY 150,796,555.64 year-on-year[5] - Basic earnings per share fell by 14.08% to CNY 0.8261, compared to CNY 0.9615 in the same period last year[5] - Net profit for the current period was ¥135,660,751.11, a decrease of 10.05% from ¥150,796,555.64 in the previous period[22] - Earnings per share (EPS) decreased to 0.8261 from 0.9615, indicating a decline of 14.06%[22] - The total profit before tax was ¥157,518,488.17, down from ¥188,072,614.34, a decrease of 16.26%[21] Cash Flow - The net cash flow from operating activities increased significantly by 131.53% to CNY 299,209,078.05, up from CNY 129,231,046.94 in the previous year[5] - Cash generated from operating activities was ¥1,515,112,904.66, an increase from ¥1,312,991,165.77, representing a growth of 15.4%[23] - The net cash flow from operating activities was $299,209,078.05, an increase from $129,231,046.94 in the previous period, reflecting a significant improvement in operational efficiency[24] - Cash inflow from investment activities totaled $513,709,582.77, compared to $394,543,592.10 previously, indicating a strong performance in investment returns[24] - The net cash flow from financing activities was -$44,430,570.12, a decline from $35,943,734.26, suggesting increased cash outflows related to financing[25] - The total cash and cash equivalents at the end of the period reached $1,682,247,113.68, up from $1,227,864,268.94, showing a robust liquidity position[25] Assets and Liabilities - Total assets decreased by 2.02% to CNY 6,029,541,581.22 from CNY 6,153,572,446.07 at the end of the previous year[5] - The total assets of the company are ¥6,029,541,581.22, down from ¥6,153,572,446.07[18] - Total current assets decreased to ¥4,155,564,847.02 from ¥4,235,471,713.92[18] - The company reported a decrease in inventory from ¥924,266,731.24 to ¥743,146,389.44[18] - The company has a total of 2,136,400 shares held in the repurchase special securities account, accounting for 1.36% of the total share capital[15] - The company reported a decrease in sales expenses to ¥201,991,552.06 from ¥213,145,725.53, a decline of 5.3%[21] - Total liabilities decreased to ¥2,981,827,747.96 from ¥3,242,786,466.35, a reduction of 8.06%[19] - The company's total liabilities include accounts payable of ¥1,497,650,928.32, which increased from ¥1,411,186,772.67[18] Research and Development - The company's R&D expenses increased by 34.69% to CNY 50,305,000.30, up from CNY 37,347,901.49 in the previous year, indicating a focus on innovation[11] - Research and development expenses rose to ¥50,305,000.30 from ¥37,347,901.49, an increase of 34.67%[21] Shareholder Information - The total number of common shareholders at the end of the reporting period is 25,229[14] - The largest shareholder, Foshan Zhaofeng Investment Co., Ltd., holds 44.12% of shares, amounting to 69,287,400 shares, with 21,600,000 shares pledged[14] - The company has a total of 1,254,802 shares held by Shenwan Hongyuan Securities Co., Ltd.[15]

Core Viewpoint - The financial performance of Bear Electric (002959.SZ) in 2024 shows a slight increase in revenue but a significant decline in net profit, indicating challenges in the small home appliance market due to fierce competition and price drops [1][2]. Financial Performance - In 2024, Bear Electric achieved operating revenue of 4.758 billion yuan, a year-on-year increase of 0.98% - The net profit attributable to shareholders was 288 million yuan, down 35.37% year-on-year - The net profit after deducting non-recurring items was 246 million yuan, down 35.51% year-on-year - The gross profit margin decreased by 1.06 percentage points, with a net profit margin of 6.43%, the lowest since its listing [1][2]. Product Performance - Revenue from kitchen appliances, which constitutes 70.54% of total revenue, fell by 10.1% to 3.28 billion yuan - Personal care products saw a remarkable growth of 174.3%, generating 360 million yuan - Mother and baby products also grew by 31.8%, reaching 250 million yuan - Overall, the small home appliance industry is facing weak demand, with kitchen appliance retail sales declining by 0.8% to 60.9 billion yuan in 2024 [2][3]. Market Challenges - The small home appliance market is experiencing dual challenges: intensified price wars due to e-commerce platform rule changes and severe product homogeneity in the kitchen appliance sector - The market is shifting towards integrated appliances, which are replacing single-function small appliances [2][3]. Strategic Moves - Bear Electric is focusing on overseas markets to counteract domestic demand weakness, with overseas sales reaching 668 million yuan, an increase of 80.8% - The gross profit margin for overseas sales was 31.5%, up by 1.2 percentage points - The company is enhancing its overseas product development and channel expansion, including OEM and self-owned brand initiatives [3][5]. Acquisition and Growth - In 2024, Bear Electric acquired a 61.78% stake in Guangdong Roman Intelligent Co., Ltd. for 154 million yuan, aiming to strengthen its overseas presence - Roman Intelligent, which specializes in oral and hair care appliances, reported a net profit of 68.83 million yuan in 2024, exceeding its target [4][5]. Competitive Landscape - Bear Electric's international expansion efforts are lagging behind competitors like Supor and Xinbao, which have established significant overseas market shares - The company plans to firmly establish its brand in Southeast Asia and enhance its overseas product development by 2025 [5].

Core Viewpoint - The report from Zheshang Securities indicates that the small home appliance industry is expected to see a recovery in growth for most categories by 2025, driven by national subsidies and an increase in demand for essential and long-tail products like health pots [1][2] Group 1: National Subsidy Expansion - The national subsidy for small home appliances is expanding, with JD.com increasing its subsidy coverage to include a wider range of products, adding 36 new categories as of April 22 [1] - Tmall and Taobao are implementing region-specific policies, with 16 regions covered by the subsidy, particularly in provinces like Zhejiang, Guangdong, Hubei, Hunan, and Shaanxi [1] Group 2: Beneficiary Companies - Three types of companies are expected to benefit from the expanded national subsidies: 1. Companies with a high proportion of essential products positioned in the mid-to-high price range [2] 2. Companies with a significant share of long-tail products like health pots and power appliances, which have shown noticeable stimulation effects from the subsidies [2] 3. Companies with a high proportion of sales through JD.com, benefiting from substantial headquarters subsidies and extensive subsidiary layouts [2] Group 3: Market Outlook - The overall expectation is that domestic sales for various companies will accelerate due to the expansion of national subsidies in the small home appliance category [1]

Core Viewpoint - The once-popular small home appliance brand, Bear Electric, is now facing multiple challenges as the flow economy declines, leading to stagnant revenue growth and significant profit reduction [1][2]. Financial Performance - In 2024, Bear Electric reported revenue of 4.758 billion yuan, with a year-on-year growth rate of only 0.98%, a stark contrast to previous double-digit growth [1][2]. - The net profit attributable to shareholders was 288 million yuan, representing a decline of over 35.37% compared to the previous year, marking the largest drop since the company's IPO [2][6]. Market Trends - The overall retail sales of kitchen small appliances in 2024 reached 60.9 billion yuan, showing a year-on-year decrease of 0.8%, indicating a broader industry slowdown [1]. - Bear Electric's core kitchen appliance business generated revenue of 3.276 billion yuan in 2024, down 10.10% from 3.644 billion yuan the previous year, reducing its revenue contribution from 77.33% to 68.84% [4]. Inventory and Production Issues - In 2024, Bear Electric's product sales volume was 45.9804 million units, a modest increase of 2.63%, while production volume surged to 50.5757 million units, up 16.84%, leading to a significant inventory increase [5]. - The inventory level reached a record high of 924 million yuan, with inventory turnover days rising from 76.58 days in 2023 to 90.27 days in 2024, indicating potential overstock risks [5]. Strategic Diversification - Bear Electric has diversified its product offerings beyond kitchen appliances to include lifestyle, personal care, and maternal and infant appliances, yet the kitchen segment remains the primary revenue driver [4]. - Despite growth in other product categories, such as lifestyle appliances (up 15.33%) and maternal and infant appliances (up 31.83%), their revenue contributions are still relatively small and dependent on outsourcing [4]. Cost Management and Profitability - The company has faced rising expenses, with sales expenses increasing from 730 million yuan in 2022 to 864 million yuan in 2024, alongside management and R&D costs [6]. - The imbalance in marketing and R&D spending reflects a "heavy marketing, light R&D" approach, which may hinder long-term sustainability [6]. Investor Sentiment - Bear Electric's stock price has seen a significant decline, dropping from a peak of 165 yuan per share in mid-2020 to below 50 yuan at the beginning of 2024, reaching a new low of 35 yuan in September 2024 [7].

Core Viewpoint - The company is experiencing pressure on domestic sales while overseas sales are growing significantly, with expectations for improved profit margins in 2025 as the market landscape clears up [1][4]. Financial Performance - In 2024, the company achieved a revenue of 4.758 billion yuan, a year-on-year increase of 0.98%, and a net profit attributable to shareholders of 288 million yuan, a year-on-year decrease of 35.37% [2]. - In Q4 2024, the company reported a revenue of 1.619 billion yuan, a year-on-year increase of 16.18%, and a net profit of 108 million yuan, a year-on-year decrease of 17.03% [2]. - The company's gross margin for 2024 was 35.29%, a decrease of 1.32 percentage points year-on-year, while the net margin was 6.43%, a decrease of 3.02 percentage points year-on-year [3]. Sales Breakdown - Domestic sales accounted for 86% of total revenue in 2024, down 6 percentage points year-on-year, with a decline of 6% compared to the previous year [3]. - Overseas sales accounted for 14% of total revenue in 2024, up 6 percentage points year-on-year, with a year-on-year increase of 81% [3]. - The company is expanding its overseas market through cross-border e-commerce, offline distributors, and OEM partnerships, with significant contributions expected from regions like Vietnam and Indonesia [3]. Future Outlook - For 2025, the company anticipates steady expansion in Southeast Asia and expects that the clearing of the industry landscape will lead to further improvements in profit margins [4].

证券代码：002959 证券简称：小熊电器 公告编号：2025-025 小熊电器股份有限公司 关于控股股东股份解除质押的公告 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： | | | | | | | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 情况 | | 情况 | | | | | | 累计质押股 | 占其所 | 占公司 | 已质押 | | | | | 股东名 | 持股数量 | 持股 | | | | 股份限 | | 未质押股 | | | | | | 份数量 | 持股份 | 总股本 | | 占已质 | | 占未质 | | 称 | （股） | 比例 | （股） | 比例 | 比例 | 售和冻 | 押股份 | 份限售和 | 押股份 | | | | | | | | 结、标 | | 冻结数量 | | | | | | | | | | 比例 | （股） | 比例 | | | | | | | | 记数量 | | | | | | | | | | | （股） | | ...

近日，苏泊尔、小熊电器等一众小家电企业先后发布了年度报告。 另外，新宝股份也发布了业绩快报。 01 2024年，苏泊尔营业总收入224.27亿元，同比增长5.27%；新宝股份营业总收入168.21亿元，同比增长14.84%；小熊电器营业总收入47.58亿元，同比增长 0.98%，三家小家电企业2024年营收均实现了正增长。 记者进一步梳理发现，苏泊尔、新宝股份、小熊电器这三家企业之所以能实现正增长背后均离不开同一个原因——海外业务增长迅猛。财报显示，2024年 这三家企业的海外营收增速均超20%，最高超80%。 海外收入"狂飙"，扛起营收增长大旗 财报数据显示，2024年，苏泊尔内销收入149.25亿元，同比下降1.21%；外贸收入75.02亿元，同比增长21.07%。 不过，海外业务快速发展之际，苏泊尔、小熊电器们却遭遇美国"对等关税"。4月9日，美国政府"对等关税"生效。关税壁垒下，这些企业将会受到多大影 响？ 苏泊尔在年报中指出，内销方面，面对竞争激烈的市场环境与消费者更理性的市场需求，公司内销收入有小幅下滑，但公司通过持续创新及强大的渠道竞 争优势，采取积极措施持续提高营销效率并严格控制各项费用支出， ...