号-担保 01），为担保格皓电子与广发银行佛山分行于 2026 年 1 月 14 日至 2026 年 12 月 22 日期间所签订的一系列合同及其修订或补充下债务的履行，公司向广发银 行佛山分行提供保证，保证债权之最高本金余额为人民币 4,000 万元。 证券代码：002959 证券简称：小熊电器 公告编号：2026-006 小熊电器股份有限公司 关于为子公司提供担保的进展公告 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。 一、担保情况概述 小熊电器股份有限公司（以下简称"公司"或"小熊电器"）于 2025 年 4 月 7 日、4 月 29 日分别召开第三届董事会第十七次会议及 2024 年度股东大会，审议通 过了《关于 2025 年度对外担保额度的议案》，同意子公司申请授信及日常经营需 要时为其提供相应担保，2025 年度担保金额不超过人民币 207,000 万元，其中为资 产负债率超过 70%的子公司担保额度不超过 62,000 万元，为资产负债率 70%以下的 子公司担保额度不超过 145,000 万元。在上述额度范围内，公司与子公司之间以及 子公司与 ...

中国质量新闻网讯 近日，2025年上海市能效标识产品计量监督抽查结果（家用电磁灶）公布。 附原文： 本次监督抽查依据为《SHSSXZJL4004-2025上海市能效水效标识产品计量监督抽查实施细则（家用电磁灶）》。具体抽查结果如下： 2025年上海市家用电磁灶能效标识产品计量监督抽查所检项目符合相关标准的产品 | 样品标称 | 标称商标 | 标称规格型号 | 标称生产日 | 标称生产者名称 | 被抽样生产者、销售者 | 被抽样销售者所在商场/ | 认证机构 | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | | | 期/批号 | | | 电商平台 | | | 电磁炉 | 图形商标 | TCL09 | 2025.01/- | 纯米科技（上海）股份有 | | / / 淘宝 | 中国质量认证中心 | | | | | | 限公司 | | | 有限公司 | | 电磁灶 | 林内 | C22B12 | | 2023-03-15/- 上海林内有限公司 | | / / / | 威凯认证检测有限 | | | | | | | | | 公司 | | 电磁炉 | 小熊 ...

Summary of the Conference Call for Bear Electric (小熊电器) Company Overview - **Company**: Bear Electric (小熊电器) - **Industry**: Home Appliances Key Points and Arguments Organizational Restructuring and Efficiency - Bear Electric has integrated its kitchen divisions to optimize resource allocation and enhance operational efficiency, establishing five main divisions: kitchen, lifestyle, various households, emerging categories, and overseas [2][4] - The restructuring aims to improve decision-making efficiency and reduce costs, particularly in channel expenditure [4][5] Focus on Emerging Categories - The company plans to increase investment in emerging categories, particularly in maternal and infant products, aiming for a growth rate of 30-40% in the first three quarters of 2026 [7][10] - Bear Electric is also exploring other emerging areas such as pet products and will seek complementary acquisitions [7] Overseas Market Strategy - Bear Electric will promote its own brand distribution in Southeast Asia and has established a self-operated team in Indonesia to manage business development [11] - The company’s overseas strategy includes a balanced approach between revenue and profit, avoiding a sole focus on profitability to ensure reasonable growth [12] Acquisition of Roman - The acquisition of Roman has shown positive performance, with significant growth attributed to its R&D advantages and client expansion capabilities [8][19] - Bear Electric aims to leverage the integration experience from Roman for future acquisitions, focusing on retaining the strengths of acquired teams while providing necessary guidance [19][20] Economic Environment and Challenges - The home appliance industry is currently facing a weak overall market, prompting Bear Electric to adjust its strategies, including organizational changes and resource allocation [6][9] - The company is also focusing on profit-oriented strategies, reducing low-margin SKUs, and optimizing channel expenses in response to economic pressures [9] Research and Development Investment - Bear Electric plans to gradually increase R&D personnel and funding to meet the growing consumer demands, emphasizing design and quality in product development [3][14][15] - The company recognizes the need for enhanced product quality and emotional value, especially in a competitive market [15] Incentive Measures and Capital Expenditure - In 2026, Bear Electric plans to implement an equity incentive program to retain talent and provide reasonable market guidance, although specific timelines are pending [3][18] - The company currently does not foresee significant capital expenditures but may consider long-term overseas factory plans [18] Pricing Strategy and Subsidy Adjustments - Bear Electric has adjusted its pricing strategy in response to subsidy policies, with approximately 10% of total revenue coming from subsidies [13] - The company is closely monitoring competitor policies to make necessary adjustments in pricing and marketing strategies [13] Additional Important Insights - The company is aware of the competitive landscape and is taking proactive measures to enhance its market position through acquisitions and strategic adjustments [6][9] - Bear Electric's focus on the maternal and infant product category is driven by strong demand and consumer willingness to pay a premium for quality [17]

Core Viewpoint - Guangdong's manufacturing industry is evolving, with a strong emphasis on quality and innovation, positioning itself as a global leader in various sectors, including smart home appliances, food production, and beauty products [12][16][20]. Industry Overview - Guangdong accounts for approximately 30% of the global smart home appliance market, with significant contributions from companies like Gree and Skyworth [12][20]. - The province's cross-border e-commerce has expanded 66 times over the past nine years, holding over one-third of the national market share [13]. - By 2027, Guangdong aims for its food industry output to exceed 1.5 trillion yuan, with mooncake production leading the nation [14]. Ecosystem and Collaboration - Guangdong's manufacturing ecosystem includes 31 major manufacturing categories, with 15 being the largest in the country, fostering a collaborative environment that enhances efficiency and innovation [15][16]. - The textile and apparel sector has developed micro-ecosystems that allow for rapid production cycles, exemplified by a one-day turnaround from design to delivery [15]. - In consumer electronics, the "one-hour industrial circle" around Dongguan enables quick assembly of mobile phone components, supporting brands like Huawei and OPPO [15]. Technological Innovation - The integration of AI into manufacturing processes is transforming user experiences, with companies focusing on personalized solutions rather than just standardized products [17][19]. - Gree's smart factories and Skyworth's AI-driven product recommendations illustrate the shift towards technology that enhances daily life [18]. Global Expansion Initiatives - The "Guangdong Goods Going Global" initiative aims to strengthen market presence and brand recognition, particularly for small and medium enterprises [20][21]. - Experts suggest that enhancing brand image and leveraging high-tech innovations are crucial for Guangdong's global competitiveness [21]. Future Outlook - Guangdong's manufacturers are encouraged to harness traditional cultural elements alongside technological advancements to create unique products that resonate globally [21]. - The combination of a robust industrial ecosystem, innovative technologies, and rich cultural heritage positions Guangdong to redefine its global market presence [21].

Investment Rating - The report maintains a "Recommend" rating for the home appliance industry [1] Core Insights - The industry is at a turning point, with expectations for improved performance in 2026 as domestic demand stabilizes and export orders recover [35] - The report highlights the resilience of leading companies in the white goods sector, with a focus on their ability to navigate through challenging market conditions [7][10] - The overall market dynamics indicate a potential for growth in emerging markets, alongside innovation and product expansion in domestic markets [35] Summary by Sections 1. White Goods - External sales are recovering steadily, while internal sales are expected to remain stable in Q4 2025. Leading companies are well-positioned to benefit from favorable demand and cost environments [7][10] - Q4 2025 internal sales for air conditioners, refrigerators, and washing machines are projected to decline by 31%, 11%, and 6% respectively, due to high base effects from the previous year [10] - External sales for refrigerators and washing machines are expected to show modest growth, with a 3% increase for refrigerators and a 9% increase for washing machines [10] 2. Black Goods - The report indicates that the color TV market is under pressure, with internal sales declining significantly due to high base effects from previous subsidies [15] - External sales remain relatively stable, with a slight decline of 2% expected in Q4 2025 [15][16] - Leading brands are expected to improve their profitability through product innovation and market share gains [15] 3. Cleaning Appliances - External sales continue to grow, while internal sales face challenges due to high base effects from previous subsidies [19] - The report notes a decline in retail sales for floor cleaning machines and washing machines, with internal sales dropping by 25% and 8% respectively [20] - The external market shows strong growth, particularly in Europe and Asia-Pacific, although competition remains intense [21] 4. Small Appliances - Domestic prices are rising, but external demand remains weak, with overall growth in retail sales expected to be between 0-10% [30] - The report highlights structural improvements in pricing and product upgrades, which may support profit margins in the domestic market [30] - External sales are under pressure due to overall weak demand in international markets [30] 5. Post-Cycle - The report indicates a downturn in demand for major kitchen appliances, with significant declines in retail sales across various categories [33] - The real estate market remains sluggish, impacting demand for kitchen appliances, and the report anticipates continued pressure on sales [33] - The upcoming subsidy policies are expected to have limited coverage, which may further affect market dynamics [33] 6. Industry Views and Investment Recommendations - The report suggests that the home appliance sector is poised for recovery in 2026, with expectations for improved fundamentals and potential surprises in export performance [35] - Recommended stocks include leading white goods manufacturers such as Midea Group, Haier Smart Home, Gree Electric, and Hisense Home Appliances, as well as TV manufacturers like Hisense Visual and TCL Electronics [35]

Market Overview - On January 12, the market experienced a significant rally, with all three major indices rising over 1%. The Shanghai Composite Index increased by 1.09% to close at 4165.29 points, the Shenzhen Component rose by 1.75% to 14366.91 points, and the ChiNext Index gained 1.82% to 3388.34 points. The total trading volume in the Shanghai and Shenzhen markets reached 3.6 trillion yuan, marking the second consecutive day of surpassing 3 trillion yuan, an increase of 478.7 billion yuan compared to the previous trading day, setting a new historical record for trading volume in 2024 [1]. Sector Performance - The AI application sector saw a broad surge, with stocks like Ingrity Media achieving five consecutive daily limits, and other companies such as Liou Co., Meian Health, and Tianxia Show also hitting daily limits. The commercial aerospace sector continued its strong performance, with Jin Feng Technology achieving five consecutive limits and Tongyu Communications hitting three limits in four days. The controllable nuclear fusion concept also showed active performance, with China Nuclear Engineering hitting three limits in four days. Conversely, sectors such as insurance, oil and gas, and real estate experienced notable declines [1]. Stock Highlights - A total of 183 stocks in the market (excluding ST and delisted stocks) hit daily limits, with 45 stocks achieving consecutive limits. The overall limit rate was 79%. Notable stocks included Jiamei Packaging, which saw a change in control and achieved 13 limits in 17 days, and Fenglong Co., which achieved 12 consecutive limits. Other highlighted stocks included commercial aerospace stocks like Luxin Investment and Lei Ke Defense, which achieved 10 and 7 limits respectively, and AI application stock Zhi Te New Materials, which achieved six consecutive limits [1]. Emerging Trends - The commercial aerospace sector is gaining traction, with a reported 200,000 new satellite applications in China, primarily from the newly established Radio Innovation Institute. In the nuclear power and fusion sectors, Meta has partnered with Vistra, Oklo, and TerraPower to invest in nuclear power plants to supply electricity for AI applications. Additionally, Elon Musk announced plans to open-source new algorithms within a week, which will include codes for recommending natural content and advertisements to users [14].

Market Performance - The small home appliance sector increased by 0.59% on January 9, with ST Dehao leading the gains [1] - The Shanghai Composite Index closed at 4120.43, up 0.92%, while the Shenzhen Component Index closed at 14120.15, up 1.15% [1] Stock Performance - ST Dehao (002005) closed at 2.76, up 4.94% with a trading volume of 136,300 shares and a transaction value of 37.24 million yuan [1] - Beiding Co., Ltd. (300824) closed at 11.70, up 2.72% with a trading volume of 67,300 shares and a transaction value of 77.88 million yuan [1] - Fuhua Co., Ltd. (603219) closed at 18.04, up 2.33% with a trading volume of 103,600 shares and a transaction value of 184 million yuan [1] - Stone Technology (688169) closed at 163.49, up 2.25% with a trading volume of 49,300 shares and a transaction value of 799 million yuan [1] - Other notable stocks include Xiaoxiong Electric (002959) at 43.67, up 1.61%, and Ecovacs Robotics (603486) at 83.48, up 1.31% [1] Capital Flow - The small home appliance sector experienced a net outflow of 62.65 million yuan from institutional investors, while retail investors saw a net inflow of 98.70 million yuan [2] - The capital flow data indicates that institutional and speculative funds had net outflows, while retail investors contributed positively to the sector [2] Individual Stock Capital Flow - Fuhua Co., Ltd. (603219) had a net inflow of 33.22 million yuan from institutional investors, while it faced a net outflow of 23.80 million yuan from speculative funds [3] - Beiding Co., Ltd. (300824) saw a net inflow of 10.62 million yuan from institutional investors, with net outflows from both speculative and retail investors [3] - Suo Boer (002032) had a net inflow of 8.98 million yuan from institutional investors, but faced significant outflows from speculative funds [3]

小熊电器股份有限公司 关于控股股东名称变更的公告 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"）近日收到控股股东佛山市兆峰投资 有限公司的通知，因其业务发展需要，其名称由"佛山市兆峰投资有限公司"变更 为"广东兆峰投资有限公司"，并领取了佛山市顺德区市场监督管理局新核发的《营 业执照》。控股股东最新营业执照主要信息如下： 名称：广东兆峰投资有限公司 统一社会信用代码：91440606MA4UK7RM1J 注册资本：伍佰万元人民币 证券代码：002959 证券简称：小熊电器 公告编号：2026-005 法定代表人：李一峰 住所：佛山市顺德区大良街道办事处德和社区居民委员会国泰南路 3 号保利商 贸中心 3 栋 803 之一（仅作办公用途） 经营范围：对工业、商业进行投资。（依法需经批准的项目，经相关部门批准后 方可开展经营活动。） 上述控股股东企业名称变更事项不涉及公司控股股东及实际控制人持股变动， 对公司的经营活动不构成影响，公司控股股东及实际控制人未发生变化。 特此公告。 小熊电器股份有限公司 董 事 会 2026 ...

Core Insights - The Chinese small home appliance market is experiencing significant structural differentiation in 2025, with overall retail sales declining by 6%-8% in the first half of the year, while certain segments like cold brew coffee machines and floor washing machines are seeing explosive growth of 423% and 17.45% respectively [1] - The shift in consumer logic is driving the emergence of new product categories, prompting companies to move from traditional scale expansion to a value chain reconstruction centered around user needs [1][2] - Companies like Bear Electric are leveraging data-driven insights to enhance manufacturing efficiency and product quality, thus responding effectively to the fragmented consumer demands [2][5] Market Trends - The rapid migration of consumer demand indicates that traditional sales data analysis is often lagging behind market trends, necessitating a proactive approach to demand insights [2] - Bear Electric collects over 20,000 pieces of product research data annually, which informs effective innovation and product development [2] - The company has successfully launched products like the all-glass health pot, which addresses specific consumer health needs, achieving over 10 million units sold and maintaining the highest market share for seven consecutive years [2] Manufacturing Innovations - Bear Electric's success in international markets, such as Vietnam, is attributed to tailored product development based on local consumer preferences and kitchen space constraints [3] - The implementation of a "321 digital system upgrade project" enables Bear Electric to achieve full-chain digital empowerment, enhancing production efficiency and flexibility [3][5] - The company’s production capabilities allow for rapid product development, with a production cycle reduced by five days and a production plan achievement rate of 97.33% [3] Quality Assurance - Quality remains a core competitive advantage for small appliance companies, as emphasized by national policies and consumer expectations for high-end products [4][5] - Bear Electric has established five smart manufacturing bases, ensuring quality control across the entire production chain and achieving a product pass rate of 95% through advanced technologies [5][6] - The company has also built a specialized testing center, recognized by the China National Accreditation Service for Conformity Assessment (CNAS), to ensure rigorous quality testing before product launch [6] Future Outlook - The next growth phase for the small appliance market is expected to shift from broad scale expansion to deeper demand exploration and precision manufacturing capabilities [6] - Bear Electric's approach of data-driven demand insights and smart manufacturing is seen as a potential solution to the industry-wide challenges of personalization versus scale production [6] - As technology evolves and consumer needs change, this model is anticipated to become a significant trend for high-quality industry development, encouraging more companies to explore diverse pathways [6]

中国质量新闻网讯 据上海市市场监督管理局网站消息，近期，上海市市场监督管理局对本市生产、销售的制冰机产品质量进行了监督抽查。本次抽查了10 批次产品。经检验，未发现不合格。其中实体销售6批次；电商销售4批次。 2025年上海市制冰机产品质量监督抽查所检项目符合相关标准的产品 | 样品标称名称 | 标称商标 | 标称规格型 | 标称生产日期/ | 标称生产者名称 | 被抽样生产者、销售者 | 被抽样销售者所在商场/电 | 认证机 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 号 | 批号 | | | 商平台 | 构 | | 制冰机 | 小熊 | | ZBJ-B01W1 2024-05-21/- | 小熊电器股份有限公司 | 上海雏雷贸易有限公司 | / / / | / | | 制冰机 | 小熊 | | ZBJ-C01C5 2025-05-16/- | 小熊电器股份有限公司 | 上海雏雷贸易有限公司 | / / / | / | | 制冰机 | Westinghouse WH-15A | | 未标注/- | 西屋冰洗电器（宁波）有 限公司 | 上 ...