证券代码：300894 证券简称：火星人 公告编号：2025-038 债券代码：123154 债券简称：火星转债 火星人厨具股份有限公司 关于控股股东、实际控制人部分股份质押的公告 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。 火星人厨具股份有限公司（以下简称"公司"或"本公司"）近日接到公司 控股股东、实际控制人黄卫斌先生通知，获悉黄卫斌先生将其所持有本公司的部 分股份进行了质押，具体情况如下： 一、股东股份质押基本情况 2、股东股份累计质押情况 截至本公告披露日，上述股东及其一致行动人所持质押股份情况如下： | | | | | | | | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 本次质 | 本次质 | 占其 | 占公 | 情况 | | 情况 | | | | 持股数 | 持股 | 押前质 | 押后质 | 所持 | 司总 | 已质押股 | 占已 | 未质押股 | 占未质 | | 股东名称 | 量 | 比例 | ...

原标题：《全民真探家》上线，解密近吸式集成灶的"净烟"黑科技 集成灶能够实现净烟效果的跃升，是以吸烟距离为关键，进风口风速、工作风量、最大静压以及拢 烟结构等因素叠加作用的效果。传统吸油烟机离锅口的吸烟距离在30-50cm，油烟扩散路径长而且散 乱，看不见的可吸入颗粒物容易游离在外；而集成灶15cm低空近吸，使油烟在锅口就被及时吸附，油 烟不上脸不扩散。传统烟机风速普遍在4-8m/s，由于吸烟口面积偏大，所以尽管看似"风量大"，但在吸 附油烟的过程中越接近风口风速逐渐减少，吸烟效果弱化；而集成灶通过流线型风道设计，室测试数据 风速可以达到13m/s，配合仅为传统烟机1/3面积的紧凑吸烟口，油烟颗粒滞留时间锐减76%。不仅如 此，特定拢烟结构大大提升聚拢效率，创新侧吸下排烟技术，排烟更顺畅；1300Pa最大静压值可以有效 避免排烟回流。 值得一提的是，在对"风量"的盲目追求下，传统吸油烟机的轰鸣声常阻断烹饪者与家人的正常交 流，而集成灶则能带来颠覆认知的静音体验。以火星人集成灶为例，其半消音室实测音量低至49.5分 贝。在实际烹饪场景中，用户可从容与一米外的家人交谈，厨房从噪音战场蜕变为舒适的生活空间。 作为" ...

2022 年火星人厨具股份有限公司 创业板向不特定对象发行可转换 公司债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【144】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 ...

"集成灶双雄"火星人和浙江美大业绩"腰斩" 集成灶行业2024年遭遇了前所未有的挑战，作为行业代表企业的火星人和浙江美大业绩呈现断崖式下滑，反映出这一细分市场对房地产行业的深度依赖。 火星人2024年实现营收13.8亿元，同比大幅下降35.7%；归母净利润仅为0.11亿元，同比下滑高达95.5%；扣非净利润更是出现亏损。2025年一季度，火星 人营收同比下降53.3%至1.6亿元，归母净亏损扩大至0.54亿元，同比下滑246.9%。 浙江美大同样不容乐观，2025年一季度营收仅为9836.38万元，同比下滑63.97%；归母净利润从7715.95万元下滑至779.38万元，同比跌幅约为90%。 2024年至2025年一季度，厨卫电器市场分化明显，不同企业呈现出截然不同的发展态势。 以集成灶为主营业务的企业如火星人（300894.SZ）、浙江美大（002677.SZ）等，受地产低迷影响业绩大幅下滑，传统厨电龙头老板电器（002508.SZ） 和华帝股份（002305.SZ）则通过产品结构调整和政策红利勉强维持平稳。 整体来看，行业正经历从规模扩张向质量提升的转型期，企业纷纷通过高端化、智能化以及渠道优化来应对市 ...

Core Viewpoint - The company reported significant declines in revenue and net profit for 2024 and Q1 2025, reflecting ongoing challenges in the integrated stove industry due to a sluggish real estate market and changing consumer preferences [1][2]. Financial Performance - In 2024, the company achieved revenue of 1.376 billion yuan, down 35.68% year-on-year, with a net profit of 11 million yuan, down 95.49% [1]. - Q4 2024 revenue was 363 million yuan, a decrease of 36.15% year-on-year, with a net profit of -4 million yuan [1]. - For Q1 2025, revenue was 163 million yuan, down 53.31% year-on-year, with a net profit of -54 million yuan [1][2]. Industry Context - The integrated stove market in China is experiencing a downturn, with a retail market value of 17.3 billion yuan in 2024, down 30.6% year-on-year, and online retail sales declining by 38.84% [2]. - The decline is attributed to reduced demand for new home renovations due to the ongoing adjustment in the real estate market and a shift in consumer preference towards more cost-effective alternatives [2]. Profitability and Cost Management - The company's net profit for 2024 fell significantly due to revenue decline and relatively fixed costs [2]. - In Q1 2025, the gross profit margin was 40.18%, showing a slight improvement of 0.02 percentage points quarter-on-quarter, despite a year-on-year decline [2]. - The expense ratios for sales, management, and R&D increased to 45.92%, 17.25%, and 14.48% respectively in Q1 2025, influenced by reduced revenue scale [3]. Strategic Initiatives - The company is focusing on the stock housing market by establishing a renovation division aimed at promoting kitchen upgrades in older homes, with a target of over 200 demonstration stores by 2025 [3]. - The company is also developing a second growth curve through water washing products and exploring new product lines such as gas water heaters and water purifiers [3]. - Additionally, the company is investing in emerging industries through its Super Fund, which has already invested in three projects [3]. Investment Outlook - The company, as a leader in the integrated stove sector, is facing significant pressure from the real estate market downturn and weakened consumer demand [4]. - EPS estimates for 2025 and 2026 have been lowered to 0.23 yuan and 0.27 yuan respectively, with a new estimate for 2027 at 0.34 yuan [4]. - The target price is set at 14.8 yuan, maintaining a "recommended" rating based on long-term market penetration and strategic adjustments [4].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][14]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with revenue at 1.376 billion yuan, down 35.68% year-on-year, and a net profit of 11 million yuan, down 95.49% year-on-year. The Q4 revenue was 363 million yuan, down 36.15% year-on-year, with a net loss of 4 million yuan [1][3]. - For Q1 2025, the company continued to face challenges, achieving revenue of 163 million yuan, down 53.31% year-on-year, and a net loss of 54 million yuan [1][3]. - The integrated stove industry is under pressure due to a downturn in the real estate market, leading to reduced demand for new home renovations. The company is actively exploring the stock housing market and aims to establish over 200 demonstration stores for kitchen renovations by 2025 [7][8]. - Despite the challenges, the company is focusing on diversifying its product offerings, including the development of water-washing products and other kitchen appliances [7][8]. Financial Summary - The company's total revenue for 2024 is projected at 1.376 billion yuan, with a year-on-year growth rate of -35.7%. The net profit is expected to be 11 million yuan, with a dramatic decline of -95.5% [3][8]. - The earnings per share (EPS) for 2025 is forecasted to be 0.23 yuan, with subsequent years showing gradual improvement: 0.27 yuan in 2026 and 0.34 yuan in 2027 [3][8]. - The price-to-earnings (P/E) ratio is projected to decrease from 475 in 2024 to 38 in 2027, indicating a potential recovery in profitability [3][8].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [4][14]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with revenue at 1.376 billion yuan, down 35.68% year-on-year, and a net profit of 11 million yuan, down 95.49% year-on-year. The first quarter of 2025 continued this trend with revenue of 163 million yuan, down 53.31% year-on-year, and a net loss of 54 million yuan [1][3]. - The integrated stove industry is under pressure due to a downturn in the real estate market, which has led to a decrease in new home renovation demand. The company is actively exploring the stock housing market and aims to establish over 200 demonstration stores for kitchen renovations by 2025 [7][8]. - Despite the challenges, the company is focusing on diversifying its product offerings, including the development of water-washing products and other kitchen appliances, to create new growth opportunities [7][8]. Financial Summary - For 2024, the company is projected to have total revenue of 1.376 billion yuan, with a year-on-year growth rate of -35.7%. The net profit is expected to be 11 million yuan, reflecting a -95.5% year-on-year growth rate. The earnings per share (EPS) for 2025 is estimated at 0.23 yuan, with a projected increase to 0.27 yuan in 2026 and 0.34 yuan in 2027 [3][8]. - The company's gross margin for the first quarter of 2025 was 40.18%, showing a slight improvement from the previous quarter despite a year-on-year decline. The report highlights a significant increase in financial expenses due to interest costs from bond issuance [7][8]. - The company's total market capitalization is approximately 5.296 billion yuan, with a circulating market value of 3.82 billion yuan. The price-to-earnings (P/E) ratio is projected to decrease from 475 in 2024 to 38 by 2027 [4][3].

Core Viewpoint - Mars Man (火星人) is focusing on brand promotion, R&D innovation, and channel development to navigate the challenges posed by the real estate downturn and to explore new business opportunities for growth [1][2]. Group 1: Brand and Marketing Strategy - The company aims to leverage authoritative media reports to build brand trust and create a synergistic promotion matrix using both traditional and new media [1]. - Mars Man plans to utilize platforms like Douyin and Xiaohongshu to incubate a new media matrix for distributors, employing data-driven targeted advertising [1]. - The marketing strategy will focus on "category education + scene planting + trust endorsement" to enhance brand influence and expand its reach [1]. Group 2: R&D and Innovation - Mars Man emphasizes dual-driven innovation through technological advancements and aesthetic improvements, aiming to redefine modern kitchen standards [1]. - The company is committed to enhancing its R&D system, focusing on "standardization, modularization, and platformization" to improve product lines and user experience [1]. Group 3: Industry Trends and Market Outlook - The kitchen appliance industry is transitioning towards high-quality development, driven by technological innovation and evolving consumer demands [2]. - The market for integrated kitchen appliances, such as integrated stoves and dishwashers, is expected to recover due to new real estate policies and ongoing renovation projects [2]. - Mars Man anticipates that the demand for integrated stoves and dishwashers will continue to grow, driven by trends towards multifunctionality, smart operation, and scene-based design [2]. Group 4: Growth Opportunities - The company is focusing on cultivating the integrated dishwasher segment as a second growth curve, promoting the concept of "one kitchen, two Mars Man products" [3]. - Sales strategies include leveraging social media platforms for consumer engagement and enhancing in-store experiences with dedicated washing zones [3].

Group 1: Company Strategy and Market Positioning - The company aims to maintain its leading position in the integrated kitchen appliance industry by focusing on integrated stoves and nurturing integrated dishwashers as a new growth point [4] - A dual-track strategy of specialization and innovation will drive high-quality development, emphasizing user-centric product design and continuous improvement [4] - The company plans to enhance brand influence through a combination of traditional and new media marketing strategies, leveraging platforms like Douyin and Xiaohongshu [3][4] Group 2: Research and Development Focus - The company is committed to increasing R&D investment in line with stable business growth, emphasizing technological innovation and aesthetic improvements [6] - A comprehensive R&D system will be established to enhance product intelligence and user interaction, aiming to redefine modern kitchen standards [4][6] Group 3: Production and Quality Management - The company will implement smart manufacturing and digital technologies to optimize production processes while ensuring product quality and flexibility [5][6] - A quality monitoring system will be established to track product quality from raw materials to finished products, ensuring a continuous improvement loop [6] Group 4: Market Trends and Future Outlook - The integrated stove industry is facing challenges due to real estate market adjustments and changing consumer demands, but recovery is expected with new policies and market revitalization [8] - High-end integrated kitchen appliances, such as integrated stoves and dishwashers, are projected to be core trends in the future, driven by technological innovation and consumer demand upgrades [8] Group 5: Sales and Channel Development - The company will adopt an omnichannel strategy, integrating online and offline sales channels to enhance market reach and consumer engagement [7] - New sales channels, including KA channels, home decoration channels, and emerging markets, will be developed to support annual targets [7]

| 证券代码：300894 | 证券简称：火星人 | 公告编号：2025-037 | | --- | --- | --- | | 债券代码：123154 | 债券简称：火星转债 | | 火星人厨具股份有限公司 本次回购注销完成后，公司股份总数将由 407,722,935 股变更为 406,282,035 股，公司注册资本也将相应由 407,722,935 元减少为 406,282,035 元。（注：本次 变动前股本情况为截至 2025 年 4 月 30 日数据。本次变动后的股本情况以中国证 券登记结算有限责任公司深圳分公司最终办理结果为准。） 公司本次回购注销部分限制性股票将导致注册资本减少，根据《中华人民共 和国公司法》等相关法律、法规的规定，公司特此通知债权人，债权人自接到公 司通知起 30 日内、未接到通知者自本公告披露之日起 45 日内，均有权向本公司 申报债权，并可根据合法债权文件及凭证要求公司清偿债务或者提供相应的担保。 债权人未在规定期限内行使上述权利的，不会影响其债权的有效性，相关债务将 由公司继续履行。 债权申报所需材料：公司债权人可持证明债权债务关系存在的合同、协议及 其他凭证的原件及复印 ...