公司股东席冰及其一致行动人张席中夏保证向本公司提供的信息内容真实、 准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 证券代码：300824 证券简称：北鼎股份 公告编号：2025-052 深圳市北鼎晶辉科技股份有限公司 关于股东减持股份触及 1%的公告 4. 承诺、计划等履行情况 本次变动是否为履行已 作出的承诺、意向、计划 是□ 否☑ 如是，请说明承诺、意向、计划的具体情况及履行 东席冰及其一致行动人张席中夏不参与公司经营活动，未 在公司任职，本次减持不会导致公司控制权及实际控制人 发生变化，不会影响公司治理及持续经营。 股票简称 北鼎股份 股票代码 300824 变动类型 上升□ 下降 一致行动人 有张席中夏 无□ 是否为第一大股东或实际控制 人 是 □ 否 2.本次权益变动情况 股份种类（A 股、B 股等） 减持数量（万股） 减持比例（%） A 股 324.38 1.00 合计 324.38 1.00 本次权益变动方式 （可多选） 通过证券交易所的集中交易 ☑ 通过证券交易所的大宗交易 其他 □（请注明） 3. 本次变动前后，投资者及 ...

Core Viewpoint - Beiding Co., Ltd. (300824) reported that as of October 31, 2025, the number of shareholders is expected to be 15,621 [1] Summary by Category - **Company Information** - Beiding Co., Ltd. has communicated to investors that the projected number of shareholders by the end of October 2025 will be 15,621 [1]

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 Insights - The kitchen small appliance industry is experiencing a "ice and fire" situation, with some companies reporting strong revenue and profit growth, while others face declines in both metrics [2] - The disparity in performance among companies is attributed to differences in product innovation capabilities and the lifecycle stage of existing products [2][4] - The market is undergoing structural upgrades, with a shift towards high-end products driven by national subsidies and increased consumer standards for product updates [2][7] Company Performance - Beiding Co. reported revenue of 219 million yuan, a year-on-year increase of 18.98%, and a net profit of 27.1 million yuan, up 288.95% [3] - Xiaoxiong Electric achieved revenue of 1.156 billion yuan, a 14.73% increase, and a net profit of 41.01 million yuan, up 113.16% [3] - Joyoung Co. experienced mixed results, with revenue of 1.598 billion yuan, down 10.99%, but a net profit of 854,600 yuan, up 101.11% [5] - Xinbao Co. reported revenue of 4.481 billion yuan, down 9.78%, and a net profit of 298 million yuan, down 13.05% [5] - Supor Co. had revenue of 5.42 billion yuan, down 2.3%, and a net profit of 426 million yuan, down 13.42% [5][6] Market Trends - The kitchen small appliance market is transitioning from a "necessity" phase to a "quality" phase, with a focus on product upgrades and competition among existing products [7] - The overall retail sales of kitchen small appliances are projected to decline by 9.6% in 2023 and 0.8% in 2024, but are expected to rise by 9.3% in the first half of 2025 due to national subsidies [7] - The market is shifting towards improvement-driven demand, emphasizing smart, personalized, and aesthetically pleasing products [7][8] Strategic Directions - Companies are focusing on product innovation to address consumer needs for health, cooking enjoyment, and quality [8] - The market is moving from a "price war" to a "value war," with an increase in average prices for small appliances [8] - Companies are exploring international markets, but face challenges such as trade barriers and geopolitical uncertainties [9]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown significant growth in domestic sales, with a revenue increase of 28.6% year-on-year for the first three quarters of 2025, reaching 650 million yuan [1] - The net profit attributable to the parent company for the same period increased by 113.3% year-on-year, amounting to 80 million yuan [1] - The company’s gross margin improved, with a gross margin of 48.6% for the first three quarters of 2025, up 1.2 percentage points year-on-year [3] Business Performance - Domestic sales have recovered significantly, with revenue from the company's own brand in China reaching 470 million yuan, a year-on-year increase of 43%, accounting for 72.5% of total revenue [2] - The overseas brand business faced challenges due to complex international trade environments, resulting in a revenue decline of 16.6% year-on-year [2] - The OEM/ODM business demonstrated resilience with a revenue growth of 7.6% year-on-year [2] Profitability Metrics - The company’s net profit margin for the first three quarters of 2025 was 12.7%, an increase of 5.1 percentage points year-on-year [3] - The report forecasts net profits for 2025-2027 to be 115 million, 142 million, and 165 million yuan respectively, reflecting growth rates of 66.0%, 23.3%, and 16.3% [3] Financial Projections - The projected revenue for 2025 is 944 million yuan, with a year-on-year growth rate of 25.2% [4] - The earnings per share (EPS) for 2025 is estimated at 0.35 yuan [4] - The company’s return on equity (ROE) is expected to reach 14.6% in 2025 [4]

Summary of Beiding Co., Ltd. Conference Call Company Overview - **Company**: Beiding Co., Ltd. - **Date**: October 24, 2025 Key Points Industry Performance - **Domestic Sales**: Achieved revenue of 471.5 million yuan in Q3 2025, a year-on-year increase of 43% [3] - **Overseas Sales**: Experienced a significant decline, with a quarterly drop of approximately 40% and a cumulative decline of 16.63% for the first three quarters [2][3] - **OEM Business**: Grew by 7.61% year-on-year, benefiting from strong tariff resilience of mid-to-high-end brand clients [2][3] Financial Performance - **Quarterly Revenue Decline**: The company reported a 40% drop in revenue for the quarter, leading to a cumulative decline of 16.63% [2] - **Net Profit Recovery**: Achieved a net profit margin close to 12%, with expectations to maintain a range of 10% to 12% in the future [2][7] - **Sales Expense Management**: Despite stable absolute sales expenses, the sales expense ratio decreased due to revenue growth, enhancing operational profitability [7][9] Strategic Developments - **Acquisition**: Increased fixed assets due to the acquisition of Zhongshan Keri, which includes 50 acres of land and nearly 40,000 square meters of factory space, addressing long-term production space issues [2][5] - **Partnership with Sam's Club**: Enhanced brand visibility and sales channels, although the sales contribution from this channel remains low [2][6][8] - **Product Development**: Plans to expand into coffee machines while deepening existing categories like electric steamers and rice cookers [4][16] Market Trends - **New Product Launches**: Significant contributions from new products such as electric rice cookers and health pots, with a strong growth trend expected in Q4 [4][13] - **Sales Channel Development**: Achieved synchronized growth in direct and distribution channels, with customized strategies for different platforms [17] Future Outlook - **Export Strategy**: Adjusted to prioritize efficiency, leading to improved profitability despite revenue declines [12][21] - **Long-term Projections**: Cautiously optimistic about the OEM business, expecting stable growth driven by existing major clients [20][21] - **Net Profit Expectations**: Anticipates a balanced approach to revenue and profit growth, focusing on long-term sustainability rather than short-term gains [22][23] Additional Insights - **Tariff Impact**: Current tariff policies have not significantly affected the OEM business, as clients maintain strong pricing logic and profit margins [20] - **Pricing Strategy Post-Subsidy**: Plans to refine pricing strategies based on market conditions and consumer demand, with potential price adjustments for certain SKUs [10][11] This summary encapsulates the key insights and developments discussed during the conference call, providing a comprehensive overview of Beiding Co., Ltd.'s performance and strategic direction.

Core Viewpoint - Beiding Co., Ltd. (300824) reported significant growth in its domestic self-owned brands, particularly in categories such as steamers, health pots, cooking utensils, and electric stoves during the third quarter [1] Group 1: Company Performance - The main categories showing growth for Beiding Co., Ltd. include steamers, health pots, cooking utensils, and electric stove series [1] - The sales revenue proportion from Sam's Club, a key channel for the company, has been continuously increasing this year [1] Group 2: Strategic Partnerships - The current product categories in collaboration with Sam's Club have not fully covered the company's key product categories [1] - The company is actively negotiating to expand the range of cooperative product categories with Sam's Club [1]

Financial Performance - The company's revenue for Q3 reached 27.087 million CNY, a year-on-year increase of 288.95% [3] - Net profit for the first three quarters totaled 82.916 million CNY, up 113.25% year-on-year [3] - Cash flow from operating activities amounted to 42.3015 million CNY, reflecting a growth of 70.44% [3] Business Segments - Domestic brand revenue in China was 471.5736 million CNY, showing a growth of 43.00% [3] - OEM/ODM business experienced a revenue increase of 7.61% despite global trade fluctuations [4] Product Development - Key product categories contributing to growth include steamers, health pots, cooking utensils, and electric stoves [4] - New product launches, such as the G76 stainless steel steamer and FK571 glass health pot, supported revenue growth [3] Strategic Insights - The company is focusing on refined management strategies tailored to different product categories and sales channels to improve operational efficiency [5] - The decline in overseas sales is attributed to a strategic shift towards prioritizing operational efficiency over scale in international markets [5] Future Outlook - The company plans to enhance cooperation with existing clients in the OEM sector, aiming to strengthen competitive advantages [5] - Continued exploration of high-efficiency overseas markets is expected to be a priority in the coming year [5]

Core Insights - The company reported a significant increase in revenue and net profit for Q3 2025, with total revenue reaching 650 million yuan, a year-on-year growth of 28.6%, and net profit attributable to shareholders at 80 million yuan, up 113.3% [1] - The company's domestic brand business is a key growth driver, showing stable growth despite challenges in the international market [2] Financial Performance - For Q3 2025, the company achieved revenue of 220 million yuan, reflecting a 19.0% increase year-on-year, and net profit attributable to shareholders of 30 million yuan, which is a remarkable increase of 288.9% [1] - The gross margin for Q3 2025 was 46.4%, an increase of 3.5 percentage points year-on-year, driven by the rising contribution of the high-margin domestic business [3] Business Segments - Domestic business revenue reached 470 million yuan, a year-on-year increase of 43.0%, significantly outperforming the domestic kitchen small appliance industry [2] - The overseas brand business faced challenges due to complex international trade conditions, generating revenue of 36.42 million yuan, a decline of 16.6% year-on-year [2] - The OEM/ODM business demonstrated resilience, achieving revenue of 140 million yuan, a year-on-year growth of 7.6% [2] Cost Management - The company successfully reduced its overall expense ratio to 35.8%, down 6 percentage points year-on-year, with specific reductions in sales, management, R&D, and financial expense ratios [3] - The net profit margin for Q3 2025 was 12.4%, an increase of 8.6 percentage points year-on-year, indicating improved profitability [3] Future Outlook - The company is expected to continue benefiting from its differentiated high-end brand positioning and ongoing product innovation in the domestic market, with projected net profits for 2025, 2026, and 2027 at 128 million, 156 million, and 186 million yuan respectively [3]