Core Viewpoint - The company reported that as of October 31, 2025, the total number of shareholders will be 18,775 [2] Summary by Category - **Company Information** - The company, 小熊电器, has confirmed the total number of shareholders as 18,775 as of the specified date [2]

2025年11月4日，经中国证券登记结算有限责任公司深圳分公司审核确认， 上述25,500份股票期权的注销事宜已办理完成。本次注销部分股票期权事项符合 《管理办法》等法律、法规、规范性文件及公司《激励计划》的有关规定，程序 合法、有效。本次注销部分股票期权事项不会影响本激励计划的继续实施，不会 对公司股本结构产生影响，也不会对公司的财务状况和经营业绩产生重大影响， 不存在损害公司及股东利益的情形。 关于 2022 年股票期权与限制性股票激励计划 部分股票期权注销完成的公告 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10月29日召开了第三 届董事会第二十次会议，审议通过了《关于注销2022年股票期权与限制性股票激 励计划部分股票期权的议案》。根据《上市公司股权激励管理办法》（以下简称 "《管理办法》"）、公司《2022年股票期权与限制性股票激励计划（草案）》 （以下简称"《激励计划》"或"本激励计划"）等相关规定，鉴于： 1、本激励计划首次授予股票期权的2名激励对象已离职不再符合激励对象条 件资格，其已获 ...

小熊电器股份有限公司（以下简称"公司"）于2025年10月29日召开了第三 届董事会第二十次会议，审议通过了《关于注销2024年股票期权激励计划部分股 票期权的议案》。根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）、 公司《2024年股票期权激励计划》（以下简称"《激励计划》"或"本激励计划"） 等相关规定，鉴于： 证券代码：002959 证券简称：小熊电器 公告编号：2025-071 小熊电器股份有限公司 关于 2024 年股票期权激励计划部分股票期权注销完成的公告 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 董 事 会 2025 年 11 月 5 日 1、本激励计划已获授股票期权的激励对象中有8名激励对象因离职不再具备 激励对象资格，其已获授但尚未行权的176,660份股票期权由公司注销。 2、本激励计划第一个行权期公司层面的业绩考核要求未达成，公司将对41 名激励对象已获授但尚未行权的股票期权合计230,230份予以注销。 综上，公司本次注销已授予但尚未行权的股票期权合计406,890份。具体内 容 详 见 202 ...

Group 1 - The core viewpoint is that China's per capita disposable income is increasing, leading to a rise in service consumption expenditure as a proportion of total consumption [1] - Per capita disposable income in China rose from 30,733 yuan in 2019 to 41,314 yuan in 2024, with a CAGR of 6.10% [1] - The proportion of per capita service consumption expenditure in total consumption increased from 42.61% in 2020 to 46.11% in 2024 [1] Group 2 - Consumers are shifting from material consumption to a pursuit of spiritual life, reflected in the growth of tourism and cultural industries [2] - The emotional economy market in China is steadily increasing, with a projected market size of 23,077.67 billion yuan in 2024, expected to grow to 27,185.50 billion yuan in 2025, representing a year-on-year growth of 17.80% [2] - The emotional consumption market is categorized into three main types: strong stickiness consumption, social consumption, and self-pleasing consumption [3] Group 3 - Investment recommendations suggest embracing new home appliances with emotional value, focusing on three areas: panoramic/action cameras, robotic vacuum cleaners, and kitchen small appliances [4] - The market for handheld smart imaging devices, such as panoramic and action cameras, is expected to enter a high growth phase, driven by consumer demand for emotional and experiential consumption [5] - The robotic vacuum cleaner segment is experiencing rapid growth, with domestic brands expanding their global market share, indicating a shift towards technology-driven emotional value in home cleaning [7] - Kitchen small appliances, such as coffee machines and juice makers, are expected to grow due to their health, convenience, and social attributes, with a focus on emotional value [8]

Investment Rating - The industry investment rating is "Outperform the Market" [90] Core Viewpoints - The report emphasizes the rise of emotional consumption in the home appliance sector, driven by increasing disposable income and changing consumer preferences towards emotional value [8][9][13] - The emotional economy market in China is projected to grow significantly, reaching approximately 27,185.50 billion yuan in 2025, with a year-on-year growth of 17.80% [13] - The report suggests focusing on three key areas: panoramic/sport cameras, robotic vacuum cleaners, and kitchen small appliances, which are expected to benefit from emotional value and technological advancements [85][86][87] Summary by Sections Emotional Value and Consumer Demand - The increase in disposable income in China has led to an upgrade in the structure of consumer demand, with per capita disposable income rising from 30,733 yuan in 2019 to 41,314 yuan in 2024, reflecting a CAGR of 6.10% [8] - Consumers are shifting from material needs to a pursuit of spiritual life, with emotional consumption becoming more prominent [9][13] Emotional Economy Market - The emotional economy market in China is expected to grow from 23,077.67 billion yuan in 2024 to over 45,000 billion yuan by 2029, indicating a robust growth trajectory [13] - Consumer preferences are categorized into three types: strong stickiness consumption (54.57%), social consumption (26.29%), and self-pleasure consumption (19.14%) [13] Key Consumer Demographics - The primary consumers of emotional products are young people, particularly those aged 25-34, who represent 44% of the emotional economy consumer base [20] - Emotional consumption is driven by the need for companionship and emotional resonance, with 97.34% of respondents indicating these as primary motivations [20] Product Trends - The demand for panoramic and sports cameras is increasing due to their ability to capture and share life experiences, with the global market for handheld smart imaging devices expected to grow significantly [39] - Robotic vacuum cleaners are gaining popularity as they offer technological advancements and emotional value by freeing up time for consumers [54][86] - Kitchen small appliances are seeing growth in categories like coffee machines and health-related products, driven by consumer interest in emotional value and functionality [67][87] Company Focus - The report recommends focusing on companies like Insta360 in the panoramic/sport camera sector, Roborock and Ecovacs in the robotic vacuum cleaner market, and Beiding and Bear in the kitchen small appliance segment [85][86][87]

Core Viewpoint - The company reported strong performance growth in the first three quarters of the year due to proactive internal adjustments [1] Group 1: Sales Performance - In Q3, categories such as pots, kettles, electric products, and maternal and infant products showed significant growth [1] - The company successfully guided product structure enhancement, leading to improvements in product volume, pricing, and gross margin [1]

Market Overview - The small home appliance sector experienced a decline of 0.94% on November 3, with Xiaoxiong Electric leading the drop [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Stock Performance - Notable gainers in the small appliance sector included: - ST Dehao: Closed at 2.70, up 5.06% with a trading volume of 266,900 shares and a turnover of 71.53 million yuan [1] - Bi Yi Co., Ltd.: Closed at 20.36, up 3.25% with a trading volume of 47,200 shares and a turnover of 94.92 million yuan [1] - Li Ren Technology: Closed at 29.20, up 2.10% with a trading volume of 19,300 shares and a turnover of 56.44 million yuan [1] - Major decliners included: - Xiaoneng Electric: Closed at 46.25, down 4.05% with a trading volume of 61,600 shares and a turnover of 284 million yuan [2] - Stone Technology: Closed at 156.97, down 3.94% with a trading volume of 88,100 shares and a turnover of 1.379 billion yuan [2] Capital Flow - The small home appliance sector saw a net outflow of 157 million yuan from institutional investors, while retail investors had a net inflow of 205 million yuan [2] - Key stocks with significant capital flow included: - Laike Electric: Net inflow of 8.35 million yuan from institutional investors, but a net outflow of 6.41 million yuan from speculative funds [3] - Xinbao Co., Ltd.: Net inflow of 6.81 million yuan from institutional investors, with a net outflow of 2.90 million yuan from speculative funds [3]

Core Insights - The company, Bear Electric, announced on November 3 that it has made adjustments to its operational strategy and organizational structure this year [1] - The organizational restructuring, implemented in April, divided the company into five business divisions: Kitchen, Personal Care, Life, Emerging, and Overseas [1] - This restructuring aims to enhance the precision of assessments for each division and improve resource allocation efficiency, thereby boosting overall operational efficiency and strengthening growth momentum in emerging categories [1] - The integration of Roman Smart, acquired last year, has shown significant improvements in production and digital capabilities, leading to a steady increase in net profit margin and contributing positively to the company's performance [1]

Core Insights - The company aims to enhance its marketing capabilities and strengthen refined operational abilities while focusing on brand expansion into emerging markets and increasing overseas product development [1] - The company emphasizes user-centric approaches to create value and improve customer experience through product and service excellence [1] - The company plans to optimize its product structure and streamline SKU numbers to focus on high-end flagship products, enhancing brand image and profitability [1] Marketing Strategy - The company will build a comprehensive marketing capability and reinforce its operational management to improve cost management and execution efficiency [1] - It will establish a digital, refined operational system for offline channels to ensure visibility and control [1] - The company intends to identify new growth opportunities in exports and expand its product categories while enhancing its overseas presence [1] Product Development - The company will drive product innovation and new product development through market demand and technological advancements [1] - It aims to create a systematic brand management framework to ensure consistency across all user touchpoints [1] - The focus will be on delivering brand value through products and integrating resources for effective marketing organization [1] Organizational Development - The company plans to upgrade its organizational structure, performance management, and incentive mechanisms to foster a more dynamic and competitive organization [1] - It will implement three core management processes: strategic management, integrated product development, and product marketing integration [1] - The goal is to activate individual potential and enhance organizational vitality to maintain a leading position in a rapidly changing market [1] Digital Transformation - The company will continue its digital transformation to empower business operations and build a process-oriented organization [1] - It aims to leverage AI technologies to enhance operational efficiency and organizational capabilities [1] - The focus will be on expanding AI applications across various operational scenarios to create a high-quality and efficient operational model [1]

Core Viewpoint - The company, Bear Electric, announced strategic adjustments focusing on overseas market growth despite uncertainties in the U.S. market, while aiming for quality improvement in domestic operations [1] Group 1: Overseas Market Strategy - The company identifies significant growth potential in markets such as Japan, Southeast Asia, and Europe, which will be key paths for future growth [1] - Although short-term impacts from tariffs are anticipated, the company remains committed to its long-term overseas growth strategy [1] Group 2: Domestic Market Focus - The domestic market has stabilized, with improvements noted this year due to appliance consumption subsidies after a slight decline last year [1] - The company plans to prioritize operational quality over scale growth in the coming years, aiming to enhance internal capabilities while maintaining reasonable revenue growth [1] Group 3: Operational Improvements - Future initiatives will include a return to brand building, enhancing user experience, and implementing more refined management practices [1] - The company has previously invested heavily in manufacturing capabilities, factory upgrades, and digitalization, completing a phase of investment and now focusing on further improving operational quality [1]