Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company reported a year-on-year improvement in profitability, with a significant increase in net profit and a strong performance from the newly consolidated Roman Smart [4][7] - The kitchen small appliance market has shown signs of recovery, contributing to the company's revenue growth [7] - The company has adjusted its profit forecasts downward for 2025-2027, but continues to expect growth in net profit [7] Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 3.691 billion yuan, a year-on-year increase of 18% [4] - The net profit attributable to the parent company was 246 million yuan, up 36% year-on-year, while the non-recurring net profit increased by 79% [4] - The gross margin improved to 37.10%, an increase of 3.76 percentage points year-on-year [7] - The company expects net profits of 349 million, 390 million, and 441 million yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 21.1%, 11.8%, and 13.1% [6][7]

Group 1 - The core point of the article is that Bear Electric (SZ 002959) announced the convening of its 20th meeting of the 3rd Board of Directors on October 29, 2025, to review proposals including changes to the company's registered capital and amendments to the Articles of Association [1] - For the first half of 2025, Bear Electric's revenue composition is entirely from the small home appliance industry, accounting for 100.0% [1]

Core Insights - The company reported a revenue of 3.691 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 17.59% [1] - The net profit attributable to shareholders reached 246 million yuan, showing a year-on-year increase of 36.49% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 227 million yuan, reflecting a significant year-on-year growth of 79.31% [1]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 3.691 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 17.59%, with a net profit of 246 million yuan, up 36.49% year-on-year [7] - The company's domestic sales performance is strong, with online sales in Q3 2025 increasing by 17% year-on-year, particularly in the mother and baby category and non-electric kitchenware, which saw growth rates of 42% and 116% respectively [7] - The company has improved its expense ratio, with a gross margin of 37.16% and a net margin of 7.25% in the first three quarters of 2025, reflecting a year-on-year improvement [7] - The company is focusing on expanding its overseas market and enhancing operational efficiency to improve profit margins [7] Financial Performance Summary - Revenue projections for the company are as follows: 4,712 million yuan in 2023, 4,758 million yuan in 2024, 5,420 million yuan in 2025, 6,050 million yuan in 2026, and 6,690 million yuan in 2027, with a revenue growth rate of 14.4% in 2023 and projected growth rates of 13.9% and 11.6% in 2025 and 2026 respectively [6][8] - The net profit is expected to be 445 million yuan in 2023, 288 million yuan in 2024, 384 million yuan in 2025, 464 million yuan in 2026, and 531 million yuan in 2027, with a significant increase of 33.5% in 2025 [6][8] - The company's earnings per share (EPS) are projected to be 2.85 yuan in 2023, decreasing to 1.86 yuan in 2024, and then recovering to 2.44 yuan in 2025, with a PE ratio of 19.9x for 2025 [6][8]

Core Viewpoint - Little Bear Electric is a leading domestic creative small appliance company, established in 2006 and listed in 2019, focusing on rapid response to consumer needs and new product development [1] Financial Performance - For Q3 2025, Little Bear Electric reported revenue of 3.691 billion yuan, ranking 4th among 10 companies in the industry, with the top competitor, Supor, at 16.897 billion yuan [2] - The company's net profit for the same period was 268 million yuan, ranking 3rd in the industry, with Supor leading at 1.364 billion yuan [2] - The main business composition includes kitchen small appliances generating 1.673 billion yuan, accounting for 66.02% of total revenue [2] Financial Ratios - As of Q3 2025, Little Bear Electric's debt-to-asset ratio was 45.49%, lower than the industry average of 45.79% and improved from 49.49% in the previous year, indicating strong solvency [3] - The gross profit margin for the same period was 37.16%, higher than the previous year's 35.62% and the industry average of 26.38%, reflecting strong profitability [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 11.77% to 17,900, while the average number of circulating A-shares held per shareholder increased by 13.38% to 8,457.5 [5] - Notable changes among the top ten circulating shareholders include a decrease in holdings by Hong Kong Central Clearing Limited and the entry of new shareholder, China Europe Economic Selection Mixed A [5] Business Highlights - In H1 2025, Little Bear Electric achieved revenue of 2.535 billion yuan, a year-on-year increase of 18.94%, and a net profit of 205 million yuan, up 27.32% year-on-year [5] - The company is expected to see revenue growth of 9% annually from 2025 to 2027, with net profits projected to grow significantly in the same period [5] - The growth is driven by brand acceleration, improved gross margins, and optimized expenses [5][6]

Core Insights - The company reported a revenue of 3,691,105,990.60 yuan for the first three quarters, representing a year-on-year increase of 17.59% [1] - The net profit attributable to shareholders for the same period was 245,912,841.35 yuan, showing a year-on-year growth of 36.49% [1] - New institutional shareholders include the National Social Security Fund's 118 portfolio and Huaxia Bank's mixed securities investment fund [1]

小熊电器股份有限公司董事会 提名委员会工作细则 中国·佛山 二〇二五年十月 小熊电器股份有限公司董事会 提名委员会工作细则 第一章 总则 第一条 为规范小熊电器股份有限公司（以下简称"公司"）董事、高级管 理人员的提名，优化董事会组成，完善公司治理结构，根据《中华人民共和国公 司法》《上市公司治理准则》《小熊电器股份有限公司章程》（以下简称"公司章 程"）及其它有关规定，公司董事会设立提名委员会，并制定本工作细则。 第二条 董事会提名委员会是董事会设立的专门工作机构，主要负责拟定公 司董事、高级管理人员的选择标准和程序，对董事、高级管理人员人选及其任职 资格进行遴选、审核，并就有关事项向董事会建议。 本工作细则所称高级管理人员，是指公司的总经理、副总经理、董事会秘书、 财务总监。 第二章 人员组成 第三条 提名委员会成员 3 名，由董事组成，其中独立董事占多数。 第四条 提名委员会委员由董事长、二分之一以上独立董事或全体董事三分 之一以上（包括三分之一）提名，并由董事会选举产生。 选举委员的提案获得通过后，新任委员在董事会会议结束后立即就任。 第五条 提名委员会设主任委员（召集人）一名，由独立董事委员担任，负 ...

中国·佛山 二〇二五年十月 小熊电器股份有限公司董事会 薪酬与考核委员会工作细则 小熊电器股份有限公司董事会 薪酬与考核委员会工作细则 第一条 为进一步健全小熊电器股份有限公司（以下简称"公司"）董事及 高级管理人员的考核和薪酬管理制度，完善公司治理结构，根据《中华人民共和 国公司法》《上市公司治理准则》《小熊电器股份有限公司章程》（以下简称"公 司章程"）及其它有关规定，公司董事会设立薪酬与考核委员会，并制定本工作 细则。 第二条 董事会薪酬与考核委员会是由董事会设立的专门工作机构，主要负 责制定公司董事及高级管理人员的考核标准并进行考核；负责制定、审查公司董 事及高级管理人员的薪酬决定机制、决策流程、支付与止付追索安排等薪酬政策 与方案，对董事会负责。 本工作细则所称高级管理人员是指董事会决定聘任的总经理、董事会秘书及 由总经理提请董事会决定聘任的副总经理、财务总监。 第二章 人员组成 第三条 薪酬与考核委员会成员 3 名，由董事组成，其中独立董事应占多数。 第四条 薪酬与考核委员会委员由董事长、二分之一以上独立董事或全体董 事三分之一以上提名，并由董事会选举产生。 选举委员的提案获得通过后，新任委员在董 ...

小熊电器股份有限公司 董事、高级管理人员 所持公司股份及其变动管理制度 中国·佛山 二〇二五年十月 小熊电器股份有限公司 第一章 总则 第一条 为加强小熊电器股份有限公司（以下简称"公司"或"本公司"）对 董事、高级管理人员买卖本公司股票及衍生品种的管理，根据《中华人民共和国 公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称 "《证券法》"）、《上市公司股东减持股份管理暂行办法》《上市公司董事和高 级管理人员所持本公司股份及其变动管理规则》《深圳证券交易所上市公司自律 监管指引第 18 号——股东及董事、高级管理人员减持股份》等相关法律、法规、 规章及规范性文件的规定，结合公司客观实际情况，特制定本制度。 第二条 本制度适用于公司董事、高级管理人员持有和买卖本公司股票的管 理。 第三条 公司董事、高级管理人员在买卖本公司股票及其衍生品种前，应知 悉《公司法》《证券法》等法律、行政法规、部门规章、规范性文件关于内幕交 易、操纵市场、短线交易等禁止行为的规定，不得进行违法违规的交易。 第四条 公司董事、高级管理人员所持有的本公司股份，是指登记在其名下 和利用他人账户持有的所有本公司股份。 公 ...

小熊电器股份有限公司 第一章 总 则 第一条 为进一步规范小熊电器股份有限公司（以下简称"公司"）选聘 （含续聘、改聘，下同）会计师事务所的行为，切实维护股东利益，提高审计 工作和财务信息的质量，依据《中华人民共和国公司法》《国有企业、上市公 司选聘会计师事务所管理办法》《深圳证券交易所股票上市规则》《深圳证券 交易所上市公司自律监管指引第1号——主板上市公司规范运作》等法律法规、 规范性文件和《小熊电器股份有限公司章程》（以下简称"《公司章程》"） 等有关规定，结合公司实际情况，制定本制度。 第二条 公司选聘进行财务报表审计业务、内部控制审计业务的会计师事 务所，需遵照本制度的规定。选聘其他专项审计业务的会计师事务所，公司管 理层视重要性程度可参照本制度执行。 第三条 公司选聘或解聘会计师事务所应当经董事会审计委员会（以下简 称"审计委员会"）审议同意后，提交董事会审议，并由股东会决定。 第四条 公司控股股东、实际控制人不得向公司指定会计师事务所，不得 干预审计委员会、董事会及股东会独立履行审核职责。 会计师事务所选聘制度 中国·佛山 二〇二五年十月 小熊电器股份有限公司 会计师事务所选聘制度 第二章 会计 ...