Group 1 - The core viewpoint of the article highlights the significant transformation in China's home appliance market from a downturn in the first half of 2024 to a recovery driven by government subsidies for old-for-new exchanges in the second half, resulting in a total retail sales growth of 6.4% year-on-year [2][30] - In the first half of 2024, the retail sales of the home appliance market (excluding 3C) were 415.6 billion yuan, a year-on-year decline of 3.6%, with June alone seeing a dramatic drop of 14.2% [2] - The fourth quarter saw a remarkable retail sales increase of 24.4% year-on-year, reaching 294.1 billion yuan, largely due to the implementation of the old-for-new policy [2] Group 2 - Major players in the small home appliance sector, such as Joyoung, Supor, and Bear Electric, faced varying degrees of revenue decline, with Joyoung experiencing its largest revenue drop in five years [3][9] - The overall revenue for the small appliance segment among these three companies was over 28.8 billion yuan, a year-on-year decline of 1.28%, with an average revenue of 9.6 billion yuan per company [7] - The average net profit margin for the small appliance sector was 9.21%, with Joyoung's net profit margin being the lowest at 1.38% [11][13] Group 3 - The online market share for various home appliance categories shows that air conditioners lead with a 34.5% share, while washing machines and electric cookers also hold significant positions [4][5] - The small appliance market is characterized by low research and development investment, with all three companies having R&D expenditure ratios below 5%, indicating a lack of innovation [20] - The global small appliance market is projected to reach 310 billion dollars by 2028, with kitchen appliances expected to account for a significant portion of this growth [26][30] Group 4 - Companies are exploring international markets for growth, with Bear Electric's overseas revenue increasing by 80.81% in 2024, while Supor's overseas sales also saw a rise [26][29] - Despite the growth in overseas markets, challenges remain, as Joyoung's international sales dropped significantly by 27.97% in 2024 [29] - The government plans to expand the old-for-new subsidy program to include more small appliance categories in 2025, which could provide a boost to the industry [30]

Company Overview - In 2024, the company achieved total revenue of 4.758 billion yuan, a year-on-year increase of 0.98%, and a net profit of 288 million yuan, a year-on-year decrease of 35.37% [1] - The company focuses on the development, design, production, and sales of small household appliances under its own brand "Xiaoxiong," with over 90 self-developed categories and more than 1,000 product models [1] - From 2016 to 2024, the company's revenue compound annual growth rate exceeded 18% [1] International Market Strategy - Currently, overseas sales account for 6.68 billion yuan, representing 14.04% of total revenue, with a broad distribution of overseas customers across regions such as Japan, South Korea, Southeast Asia, Europe, and North America [1][2] - The company plans to focus on major markets for breakthroughs, emphasizing self-owned brands and cross-border e-commerce while also enhancing product development tailored to overseas demand [2] Sales Channels and Operations - Online sales account for nearly 76% of total sales, with the company acknowledging a lag in expanding offline channels [2] - The company aims to build comprehensive marketing capabilities and enhance operational efficiency through a digital and refined management system for offline channels [2] Acquisition and Integration - The company completed the acquisition of Roman Smart in 2024, with the integration of the Roman project already in place, where the original Roman team focuses on OEM business while the brand operations are managed by the company's team [2] Industry Outlook - The company anticipates that policies such as replacement incentives will stimulate demand in the small household appliance market, leading to the release of pent-up demand [3] - Trends such as "one-person economy," "aesthetic economy," and "silver economy" are driving further segmentation of small appliance demand, with products featuring stronger attributes of "self-care," "innovation," "health," and "intelligence" emerging to meet consumer desires for personalized and high-quality lifestyles [3]

丨证券研究报告丨 公司研究丨点评报告丨小熊电器（002959.SZ） [Table_Title] 营收稳健增长，经营质量持续提升 报告要点 [Table_Summary] 2025 年一季度公司实现营 13.20 亿元，同比增长 10.58%，实现归母净利润 1.30 亿元，同比 下降 13.96%，实现扣非归母净利润 1.24 亿元，同比增长 8.24%。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 小熊电器（002959.SZ） cjzqdt11111 [Table_Title2] 营收稳健增长，经营质量持续提升 [Table_Summary2] 事件描述 公司发布 2025 年一季报：2025 年一季度公司实现营业收入 13.20 亿元，同比增长 10.58%， 实现归母净利润 1.30 亿元，同比下滑 13.96%，实现扣非归母净利润 1.24 亿元，同比增长 8.24%。 事件评论 风险提示 1、宏观经济波动带来需求走弱从而使得公司收入回 ...

Investment Rating - The investment rating for the company is "Buy" [4] 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, while the net profit after deducting non-recurring items increased by 8.2% year-on-year to 120 million yuan [1][2] Summary by Sections Revenue Growth - The revenue growth in Q1 was primarily driven by the consolidation of Roman's financials and the expansion of the national subsidy for small household appliances. The online retail sales of health pots, rice cookers, and steamers saw significant year-on-year increases of 38.4%, 13.0%, and 19.0%, respectively, during the period from December 30, 2024, to March 30, 2025 [2] Profitability Improvement - The company's net profit margin in Q1 was 9.8%, which is a decrease of 2.8 percentage points year-on-year but an increase of 3.2 percentage points quarter-on-quarter. The gross profit margin decreased by 1.7 percentage points year-on-year to 36.8%. The sales expense ratio, management expense ratio, R&D expense ratio, and financial expense ratio improved year-on-year by 2.6, 0.4, 0.7, and -0.2 percentage points, respectively [3] Profit Forecast and Valuation - The expansion of national subsidies for small household appliances is expected to benefit the company, along with cost optimization that may lead to improved profit margins. The forecasted net profits attributable to the parent company for 2025-2027 are 400 million, 440 million, and 470 million yuan, representing year-on-year growth rates of 39.8%, 8.9%, and 7.7%, respectively. The corresponding price-to-earnings ratios at the current stock price are projected to be 18x, 17x, and 15x [4]

Core Insights - The core viewpoint of the article highlights the impressive financial performance of Bear Electric in Q1 2025, showcasing revenue growth and improved net profit margins after a challenging previous year [2][4]. Financial Performance - Bear Electric reported total revenue of 1.32 billion yuan in Q1 2025, representing a year-on-year increase of 10.58% [2]. - The company's net profit, excluding non-recurring items, reached 120 million yuan, marking an 8.24% year-on-year growth [2]. Industry Trends - The small home appliance industry is transitioning from "scale competition" to "value competition," with a notable trend of "secondary upgrading" in market consumption demand [2]. - According to data from Aowei Cloud Network, online sales of kitchen small appliances and personal care small appliances have shown significant growth in Q1 2025 [2]. Product Development - Bear Electric has made significant strides in product development, focusing on quality upgrades across its entire product line [3]. - The company has introduced innovative products such as the upgraded Morning Wall Breaker and multifunctional folding pots, addressing user pain points and enhancing health-conscious offerings [2][3]. Market Expansion - The company has developed comprehensive scene-based solutions to tap into user needs, leading to substantial growth in emerging business areas [3]. - Revenue from personal care products surged by 174.3%, while the mother and baby category grew by 31.8%, and the lifestyle category increased by 15.3% [3]. Strategic Acquisitions - Bear Electric has expanded its brand ecosystem through acquisitions, notably acquiring the professional oral care brand Roman, which enhances its "kitchen + lifestyle + personal care" ecosystem [3]. - The acquisition has also facilitated Bear Electric's overseas market development, with international sales increasing by 80.81% in 2024 [3]. Innovation and R&D - The company employs a user-centric development strategy, creating an innovation loop of "demand insight - product iteration - experience optimization" [3]. - Bear Electric conducts extensive user research, with over 20,000 data points collected annually, and has increased R&D investment by 36.48% in 2024 [3]. Quality Control and Manufacturing - The company has established a 2,000 m² testing and evaluation center to ensure stringent product quality control [3]. - Bear Electric has built five smart manufacturing bases to strengthen its intelligent manufacturing capabilities [3].

证券代码：002959 证券简称：小熊电器 小熊电器股份有限公司投资者关系活动记录表 | 整方向，强化对核心用户的抓取，聚焦优势人群、优势用户和优势品 | | --- | | 类，收缩竞争激烈的刚需品类；还进行了降本增效工作，控制退货等 | | 费用，降低不必要的损耗。 | | 问：面对外部消费环境和消费者购买习惯的变化，公司未来三年 | | 的增长抓手？ | | 答：公司会在原先战略方面做一定调整。海外方面，尽管美国市 | | 场存在不确定性，但日韩、东南亚和欧洲等市场潜力大，仍会作为未 | | 来增长的重要路径。虽短期可能受关税影响，但长期坚定海外增长策 | | 略。 | | 国内市场已进入稳定期，去年行业稍有下滑，今年受家电消费补 | | 贴影响会有改善，但预计会有结构性的品牌差异。公司未来几年在国 | | 内会追求经营质量，而非规模增长，提高内部能力，维持合理的收入 | | 增长。具体举措上，公司会回归品牌建设，提升用户体验，进行更精 | | 细化管理。过去在制造能力、工厂和数字化建设上投入较多，目前已 | | 完成阶段性投入，接下来会进一步挖潜提高经营质量。 | | 问：公司 2025 年经营重点？ ...

公司报告 | 季报点评 小熊电器（002959） 证券研究报告 内销表现较好，利润水平环比修复 事件：2025Q1 公司实现营业收入 13.2 亿元，同比+10.58%，归母净利润 1.3 亿元，同比-13.96%。 公司内销表现较好。根据奥维数据显示，25Q1 小熊线上豆浆机/养生壶/电 炖锅销额同比+30%/+10%/-3%。刚需品类电饭煲线上销额同比-1%，基本保 持平稳。空炸表现仍较弱，线上销额同比-20%。公司核心品类增长较好。 | A 股总股本(百万股) | 157.04 | | --- | --- | | 流通 A 股股本(百万股) | 154.38 | | A 股总市值(百万元) | 7,113.85 | | 流通 A 股市值(百万元) | 6,993.43 | | 每股净资产(元) | 18.32 | | 资产负债率(%) | 49.45 | | 一年内最高/最低(元) | 69.00/34.80 | 作者 孙谦 分析师 SAC 执业证书编号：S1110521050004 sunqiana@tfzq.com 股价走势 投资建议：品类方面，公司长尾品类增速较好；渠道端，公司努力拓展海 外市场。 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 30 日 [Table_Title] 25Q1 盈利修复超预期 [Table_Title2] 小熊电器(002959) [Table_Summary] 事件概述 公司发布 24 年年报&25 年一季报： 24 年：营业总收入 47.58 亿元（YOY+0.98%），归母净利润 2.88 亿元（YOY-35.37%），扣非后归母净利润 2.46 亿元（YOY- 35.51%）。` 24Q4：营业总收入 16.19 亿元（YOY+16.18%），归母净利润 1.08 亿元（YOY-17.03%），扣非后归母 净利润 1.20 亿元 （YOY+6.01%）。 25Q1：营业总收入 13.20 亿元（YOY+10.58%），归母净利润 1.30 亿元（YOY-13.96%），扣非后归母 净利润 1.24 亿元 （YOY+8.24%）。 分析判断 收入端：24 年收购罗曼智能，个护小家电高速增长。24 年分 品类收入：厨房小家电收入 32.76 亿元（同比-10%）；新兴品类 生活/个护/母婴小家电分别实现收入 5.60/3.62/2.50 ...

2025 年 04 月 30 日 小熊电器(002959.SZ) Q1 收入延续良好增长趋势 事件：小熊电器公布公布 2025 年一季度报告。公司 2025Q1 实 现收入 13.2 亿元，YoY+10.6%；实现归母净利润 1.3 亿元，YoY- 14.0%。展望后续，随着公司不断拓展新品类，持续发力海外市场， 收入有望保持增长趋势。 Q1 收入增长趋势良好：国内家电以旧换新政策拉动厨房小家电 行业需求。根据久谦，Q1 小熊线上销售额 YoY+22%。从品类来看， Q1 小熊线上咖啡机、豆浆机、破壁机等品类销售额实现快速增长。 展望后续，以旧换新有望带动公司内销业务保持良好增长趋势。 另一方面，公司持续提升海外产品研发和策划能力，积极拓展海 外渠道。海外业务有望持续贡献增长动力。此外，2024 年 7 月公 司并表罗曼智能，为公司收入带来增量。 Q1 盈利能力同比下降：Q1 公司毛销差同比+0.9pct，我们认为 主要因为以旧换新带动产品均价提升。Q1 公司归母净利率同比- 2.8pct。Q1 公司净利率下降的主要原因包括：1）公司研发和管理 费用支出有所增加。Q1 研发/管理费用率分别同比+0.7 pct ...

证券研究报告 小熊电器 (002959 CH) 25Q1 毛利率明显波动 公司 2025Q1 毛利率为 36.81%，同比-1.7pct。我们预计，并表罗曼智能 （ODM 占比较高，毛利率低于公司品牌业务）对毛利率有所影响。 25Q1 费用率表现分化，政府补贴减少、经营质量提升 2025Q1 公司期间费用率同比-1.66pct。各项费用表现差异较大，销售费用 率同比-2.55pct（收入规模提升、增效优化）；管理费用率同比+0.42pct（或 主要为并表影响）。研发费用率同比+0.68pct（品类拓展，研发投入持续加 码）；财务费用率同比-0.2pct（利息收入增长）。25Q1 公司扣非净利润实现 同比增长，剔除政府补贴扰动后经营质量改善（24Q1 补贴 2000 万，25Q1 仅 100 万）。 继续看好 25 年公司国内业务恢复 25Q1 线上放量，费用率优化 | 华泰研究 | | 季报点评 | | --- | --- | --- | | 2025 年 4 月 | 30 日│中国内地 | 小家电 | 公司公布 2025Q1 业绩：实现营收 13.2 亿元（同比+10.58%），归母净利 1.3 亿元（同比 ...