[Key Financial Data and Indicators for the First Half of 2025](index=1&type=section&id=Key%20Financial%20Data%20and%20Indicators%20for%20the%20First%20Half%20of%202025) This section presents the company's key financial performance metrics and balance sheet figures for H1 2025 Key Financial Data and Indicators | Item | Current Period | Prior Year Period | Percentage Change | | :--- | :--- | :--- | :--- | | **Total Operating Revenue (Million Yuan)** | 431.81 | 322.13 | 34.05% | | **Operating Profit (Million Yuan)** | 64.86 | 34.21 | 89.60% | | **Net Profit Attributable to Shareholders (Million Yuan)** | 55.83 | 31.92 | 74.92% | | **Basic Earnings Per Share (Yuan)** | 0.1721 | 0.0979 | 75.79% | | **Weighted Average Return on Net Assets** | 7.83% | 4.43% | Increased by 3.40 percentage points | | **Total Assets (Million Yuan)** | 1,022.64 | 977.88 | 4.58% (vs. Beginning of Period) | | **Shareholders' Equity Attributable to Listed Company (Million Yuan)** | 721.31 | 704.41 | 2.40% (vs. Beginning of Period) | [Explanation of Operating Performance and Financial Position](index=2&type=section&id=Explanation%20of%20Operating%20Performance%20and%20Financial%20Position) This section details the company's operating performance and financial health during the reporting period [Explanation of Operating Performance](index=2&type=section&id=2.1%20Explanation%20of%20Operating%20Performance) Revenue and profit grew significantly, primarily from domestic own-brand business, with slower growth in overseas and OEM/ODM segments Operating Performance by Segment | Item | Current Period (Million Yuan) | Prior Year Period (Million Yuan) | Year-over-Year Change | | :--- | :--- | :--- | :--- | | **"BUYDEEM"** | 356.22 | 248.06 | 43.60% | | Of which: BUYDEEM China | 331.10 | 223.12 | 48.40% | | Of which: BUYDEEM Overseas | 25.11 | 24.94 | 0.71% | | **OEM/ODM** | 75.59 | 74.07 | 2.05% | | **Total** | 431.81 | 322.13 | 34.05% | - Domestic market business, particularly the own-brand "BUYDEEM" domestic segment, achieved **48.40%** rapid growth, benefiting from government trade-in policies and base effects[6](index=6&type=chunk) - The company's own-brand overseas business and OEM/ODM business experienced slow growth, with rates of **0.71%** and **2.05%** respectively, impacted by macro factors such as international trade barriers and geopolitical conflicts[6](index=6&type=chunk) - The company's profitability significantly improved during the reporting period, with net profit attributable to shareholders increasing by **74.92%** and non-recurring net profit by **86.07%**[7](index=7&type=chunk) [Explanation of Financial Position](index=2&type=section&id=2.2%20Explanation%20of%20Financial%20Position) The company's financial position remained stable at period-end, with steady growth in total assets and shareholders' equity - At the end of the reporting period, the company's total assets increased by **4.58%** and shareholders' equity attributable to the listed company by **2.40%** compared to the beginning of the period[8](index=8&type=chunk) - Net assets per share attributable to shareholders were **2.2237 yuan**, an increase of **3.02%** from the beginning of the reporting period[8](index=8&type=chunk) [Explanation of Differences from Previous Performance Forecasts](index=2&type=section&id=Explanation%20of%20Differences%20from%20Previous%20Performance%20Forecasts) No prior performance forecasts for H1 2025 were disclosed before this preliminary earnings report - The company had not previously disclosed any performance forecasts for the first half of 2025 prior to the release of this preliminary earnings report[9](index=9&type=chunk) [Other Explanations](index=2&type=section&id=Other%20Explanations) This section clarifies the preliminary nature of the financial data, pending final audited reports - The data in this preliminary earnings report represents the company's preliminary accounting results and has not been audited by an accounting firm; final data will be subject to the 2025 semi-annual report[11](index=11&type=chunk) [Documents for Reference](index=3&type=section&id=Documents%20for%20Reference) This section lists supporting documents available for reference, including financial statements and internal audit reports - Documents for reference include comparative balance sheets and income statements signed and sealed by company executives, as well as internal audit reports signed by the head of the internal audit department[13](index=13&type=chunk)

Group 1 - The A-share small home appliance sector is experiencing a strong upward trend, with notable stocks such as Ecovacs hitting the daily limit and achieving a maximum increase [1] - Stone Technology has risen over 6%, indicating positive market sentiment towards the sector [1] - Other companies like Beiding Co., ST Dehao, and Aishida have also seen increases of over 2%, reflecting a broader rally in the small home appliance market [1]

Investment Rating - The report assigns an "Overweight" rating to the home appliance sector, indicating a projected performance exceeding the Shanghai and Shenzhen 300 Index by more than 15% [1][36]. Core Insights - The report highlights that government subsidies stimulated sales in Q2, leading to continued positive revenue growth. The competitive landscape has improved, driving profitability recovery in the small appliance sector, while leading players in major appliances are enhancing market share concentration [3][4]. Summary by Sections Overview - Domestic sales were boosted by government subsidies in Q2, with most categories achieving double-digit year-on-year growth despite some temporary restrictions. The sustainability of these subsidies is crucial for the industry's performance in the second half of the year [8][13]. Domestic Sales - The report notes that during the 618 shopping festival, online sales for various appliance categories saw significant year-on-year increases, with cleaning appliances up by 26%, water appliances by 22%, and kitchen small appliances by 22%. However, kitchen major appliances experienced a decline of 13% [13][14]. Export Sales - Q2 exports faced short-term setbacks due to uncertainties in tariff policies, with April's export growth dropping to 1.5% and May seeing a 6% decline. However, as tariff policies become clearer, exports are expected to gradually recover [16][17]. Competitive Landscape - The small appliance sector is experiencing improved competition dynamics, particularly in the robotic vacuum cleaner market, which has high growth potential and low penetration rates. The kitchen small appliance segment is also beginning to recover after two years of decline, with a growth rate exceeding 20% during the 618 festival, primarily driven by price increases [19][20]. Investment Recommendations - The report suggests two main investment themes: 1. The improvement in the competitive landscape of small appliances, particularly in the robotic vacuum sector, and the recovery of kitchen small appliances. Recommended stocks include Stone Technology (2025 PE: 18.2×), Ecovacs (2025 PE: 20.3×), Bear Electric (20.8×), and Beiding Co. (36.5×) [25][26]. 2. Concentration of market share among leading brands and high dividend yields for stable investment. Recommended stocks in this category include Midea Group (12.7×) and TCL Electronics (11.3×) [25][26].

Core Viewpoint - The home appliance sector is expected to underperform the CSI 300 index in the first half of 2025 due to tariff increases, fluctuations in the trade-in policy, and high base expectations for the second half of the year [1][2]. Group 1: Home Appliance Sector Overview - As of June 13, 2025, the home appliance sector has seen a year-to-date decline of 3.16%, underperforming the CSI 300 index by 1.37 percentage points [2]. - Key stocks showing positive performance include motorcycle and black appliance companies, such as Taotao Industry, Chunfeng Power, Ninebot, TCL Electronics, and others [2]. Group 2: White Appliance Sector - Demand differentiation between peak and off-peak seasons has increased, with a rapid recovery in Q2 2025 [3]. - China's dominance in global white appliance production remains intact, with short-term external shocks unlikely to alter long-term export growth trends [3]. - Adjustments in local subsidy policies aim to address previous imbalances and funding issues, with limited impact on annual sales expected [3]. - Emerging markets are showing stable economic growth, providing continuous incremental market opportunities for white appliance exports [3]. Group 3: Black Appliance Sector - Domestic and international demand remains robust, with significant structural upgrades towards large-size and MiniLED products [4]. - National subsidies are expected to continue driving domestic demand growth, with rapid increases in MiniLED penetration [4]. - Companies like Hisense and TCL are enhancing their overseas production capabilities, leading to expected growth in shipments and increased market share in the high-end segment [4]. Group 4: Cleaning Appliance Sector - The cleaning appliance category, particularly robotic vacuum cleaners, is benefiting significantly from national subsidies, with high growth expected in 2025 [5]. - The overseas market remains in a favorable cycle, with leading companies expanding their market share [5]. - The shift in consumer perception from optional to essential for cleaning appliances indicates substantial long-term growth potential in the domestic market [5]. Group 5: Investment Opportunities - Investment opportunities in 2025 are primarily focused on the stability of the white appliance industry and the profit improvement potential in black appliances and robotic vacuum cleaners [6].

Summary of Key Points from Conference Call Records Industry Overview - **New Consumption Sector**: The new consumption sector is expected to show strong growth in 2025, contrasting with the sluggish performance of traditional consumption. Key drivers include product innovation, marketing transformation, and policy support. Investors should focus on companies with sustainable innovation capabilities and stable high growth [1][2][3]. Key Insights and Arguments - **Home Appliance Industry**: The home appliance sector is affected by adjustments in national subsidy policies, but overall subsidies will not cease. Offline consumption guidance policies will impact the competitive landscape, favoring companies with offline sales networks. Leading white goods companies like Midea are seen as good investment opportunities after valuation adjustments [1][4][5]. - **Small Home Appliances**: Competition in the small appliance sector is easing, leading to improved profit margins. Companies like Beiding are gaining attention due to governance improvements and channel expansion, aligning with the trend of aesthetic economy [1][9]. - **Light Industry**: The new consumption landscape includes promising areas such as e-cigarettes, AR glasses, trendy blind boxes, and personal care products. Leading companies like Pop Mart are performing well, and domestic brands are rapidly increasing market share through new channels like Douyin [1][10]. - **Pet Industry**: The pet sector showed strong performance during the 618 shopping festival, with domestic brands like Guibao Pet and Zhongchong Co. gaining attention. Companies like Ruipubio and Petty Co. are also noteworthy, while the pig farming sector may face profit declines due to falling pig prices and slowing production capacity [1][15][16]. Additional Important Content - **Investment Directions**: Future investment directions focus on companies with continuous changes, stable high growth, and those that can tell new stories to gain market recognition. Recommended companies include Ru Yuchen and Jinbo Biological in the personal care sector, and emerging beverage and snack companies like Yanjin, Weilong, and Bailong Chuangyuan, which are expected to maintain around 40% growth in 2025 [2][3]. - **Subsidy Policy Impact**: The subsidy policy will continue in the second half of the year, although some regions may temporarily pause it due to rapid progress. The aim is to stimulate the economy rather than directly increase profits for platforms or companies. New subsidy policies may emerge to guide offline consumption [5][6]. - **High Tariffs on Exports**: The U.S. tariffs on imported steel and aluminum negatively impact white goods that rely heavily on these materials. Leading white goods companies may face pressure in the second half of the year, but if valuations adjust to around 10 to 12 times, companies like Midea could present good investment opportunities [7][8]. - **E-cigarette Market**: The e-cigarette market is a rapidly growing sector globally, with harm-reduction products gradually replacing traditional cigarettes. Companies like British American Tobacco and their contract manufacturers are expected to perform well [11]. - **AR Glasses**: AR glasses are seen as a significant product in the new consumption field, with several new products being launched. Companies like Inpax and Mingyue are recommended for investment [12]. - **Retail Sector Recommendations**: The retail sector's investment focus is on new consumption areas like gold jewelry and tea drinks, with leading companies like Laopu Gold showing strong performance. The education sector, particularly private high schools and training institutions, is also highlighted for potential growth [17]. Catalysts and Events - **Upcoming Catalysts**: Notable upcoming events include the launch of new products in the AI glasses industry and other AI products, which could create investment opportunities. Companies like Kangnait Optical are expected to perform well due to their competitive advantages [18][19].

近日，公司与招商银行股份有限公司深圳分行（以下简称"招商银行深圳分 行"）签订《最高额不可撤销担保书》，约定公司为北鼎晶辉科技有限向招商银 行深圳分行申请使用的授信额度项下业务提供金额不超过人民币 5,000 万元的连 带责任保证担保，为深圳市北鼎科技有限公司向招商银行深圳分行申请使用的授 信额度项下业务提供金额不超过人民币 3,000 万元的连带责任保证担保。 证券代码：300824 证券简称：北鼎股份 公告编号：2025-027 深圳市北鼎晶辉科技股份有限公司 关于为全资子公司向银行申请授信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 深圳市北鼎晶辉科技股份有限公司（以下简称"公司"）于 2025 年 3 月 26 日召开第四届董事会第十七次会议、第四届监事会第十七次会议，于 2025 年 4 月 18 日召开 2024 年年度股东大会，审议通过了《关于 2025 年度对外担保额度 预计的议案》，同意公司为合并报表范围内子公司（以下简称"子公司"）子公 司向银行、金融机构等申请融资（包括但不限于办理人民币或外币流动资 ...

| 股东名 | 减持方 | 减持期间 | 减持均价 | 减持股数 | 剔除回购专户后 | | --- | --- | --- | --- | --- | --- | | 称 | 式 | | （元/股） | （股） | 减持比例（%） | | 方镇 | 竞价交 | 2025/4/2 | 10.48 | 490,875 | 0.1513% | | | | - | | | | | | 易 | 2025/4/2 | | | | | | | 9 | | | | | | 大宗交 | 2025/3/2 8- | 8.25 | 2,295,000 | 0.7075% | | | 易 | | | | | | | | 2025/4/1 | | | | | | | 合计 | | 2,785,875 | 0.8588% | | 牛文娇 | 竞价交 | 2025/5/8 - | 12.10 | 468,750 | 0.1445% | | | 易 | 2025/5/9 | | | | | 钟鑫 | 竞价交 | 2025/5/2 | 12.16 | 22,500 | 0.0069% | | | 易 | 7 | | | | | 陈华金 | ...

Investment Rating - The report maintains a "Recommendation" rating for the small home appliance industry, anticipating a recovery driven by government subsidies in Q2 [2][51]. Core Insights - The 2025 government subsidy policy has been extended, covering additional small home appliance categories, which is expected to accelerate market recovery [11][12]. - The policy is driving an increase in average prices within the kitchen small appliance sector, indicating an upward trend in industry prosperity [15]. - The valuation levels of the sector are currently low, suggesting a potential turning point in Q2 [39][42]. Summary by Sections 1. Government Subsidy Policy Extension - The 2025 government subsidy policy has expanded to include microwave ovens, water purifiers, dishwashers, and rice cookers, with some regions extending to more small appliance categories [11][12]. - The subsidy encourages the purchase of high-efficiency products, with a 20% subsidy for first-level energy efficiency products, promoting a shift towards higher-end and energy-saving products [11][12]. 2. Price Increase Driven by Policy - The government subsidy has significantly stimulated the sales growth of kitchen small appliances, with a 12% sales growth observed in Q4 2024 and a continuation of this trend into Q1 2025 [15]. - In Q1 2025, the kitchen small appliance sector recorded sales of 8.83 billion, with a year-on-year increase of 6%, while the average price rose by 14% [15][18]. 3. Low Valuation Levels and Potential Recovery - Companies like Xinbao, Supor, and Bear are currently at historical low valuation percentiles, indicating potential for recovery as the market conditions improve [39][42]. - As of May 16, 2025, the static valuation levels for Xinbao, Bear, and Supor were 11.4, 25.9, and 19.9 times, respectively, which are considered low [42].

| 行情 | 资金净流入 | 涨跌分布 | | --- | --- | --- | | 上证指数 | 深证成指 | 北证50 | | 2881.23 | 8583.31 | 703.23 | | -5.51 -0.19% +108.61 +1.28% +5.92 +0.85% | | | | 科创50 | 创业板指 | 万得全A | | 719.95 | 1660.66 | 4101.54 | | +6.07 +0.85% +16.21 +0.99% +31.13 +0.76% | | | | 沪深300 | 中证500 | 中证800 | | 3399.41 | 4728.68 | 3610.33 | | +0.14 0.00% +63.24 +1.36% +11.97 +0.33% | | | | 中证1000 | 中证2000 | 万得微盘股 | | 4695.68 | 1749.96 | 209335.59 | | +27.08 +1.57% +2898.77 +1.40% +63.11 +1.36% | | | A股主要指数涨跌不一，截至午间收盘，沪指跌0.19%报2881.23点，深成指涨1.28 ...

证券代码：300824 证券简称：北鼎股份 公告编号：2025- 025 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 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。 特别提示： 公司于近日收到股东席冰出具的《关于减持股份触及 1%的告知函》，获悉 席冰女士通过深圳证券交易所集中竞价交易方式累计减持公司无限售条件流通 股 3,066,900 股，占公司总股本（扣除回购专用账户股份数，下同）的 0.95%，减持股份来源首次公开发行前股份、以及因权益分派转增的股份。 股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。根据《中华人民共和国证券法》（以下简称"《证券法》"）、《深 圳证券交易所创业板上市规则》等相关规定，现将基本情况公告如下： 一、减持股份触及 1%的相关情况 | 1.基本情况 | | | | | | --- | --- | --- | --- | -- ...