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） | | ...

Core Insights - The core insight of the articles is that small home appliance companies such as Supor, Xinbao, and Bear Electric have reported positive revenue growth for 2024, primarily driven by significant increases in overseas sales despite facing challenges from U.S. tariffs [1][5][6]. Group 1: Revenue Performance - Supor reported total revenue of 22.427 billion yuan, a year-on-year increase of 5.27%, with domestic revenue declining by 1.21% to 14.925 billion yuan and overseas revenue increasing by 21.07% to 7.502 billion yuan [5][6]. - Xinbao achieved total revenue of 16.821 billion yuan, up 14.84%, with domestic revenue down 4.42% to 3.666 billion yuan and overseas revenue up 21.68% to 13.155 billion yuan [5][6]. - Bear Electric's total revenue reached 4.758 billion yuan, a slight increase of 0.98%, with domestic sales down 5.81% to 4.090 billion yuan and overseas sales soaring by 80.81% to 668 million yuan [5][6]. Group 2: Overseas Growth - All three companies experienced robust growth in overseas markets, with overseas revenue growth rates exceeding 20%, and Bear Electric's overseas revenue growth reaching over 80% [1][6]. - The demand for small home appliances in emerging markets such as Southeast Asia, the Middle East, and Latin America has been increasing, allowing these companies to leverage their cost advantages and occupy market share [6][8]. Group 3: Impact of Tariffs - The U.S. government implemented "reciprocal tariffs" on April 9, 2024, raising the cumulative tariff rate on all Chinese goods to 104%, with further increases announced shortly after [7][8]. - Companies like Supor and Bear Electric indicated that their exposure to the North American market is relatively low, and they can adapt through overseas production bases, minimizing the overall impact of tariffs [8][9]. - Xinbao, however, has a significant portion of its exports (30-40%) directed towards the North American market and is actively seeking strategies to mitigate the potential impacts of tariffs [9][10]. Group 4: Strategic Responses - Industry analysts suggest that small appliance companies should enhance supply chain security, reduce reliance on OEM models, and diversify overseas channels to mitigate the effects of changing policies [10][11]. - The consensus among industry experts is that despite current uncertainties, globalization remains essential for the long-term growth of Chinese enterprises [11].