Core Points - Yitian Smart's stock increased by 5.53%, reaching 38.94 CNY per share, with a total market capitalization of 7.139 billion CNY [1] - The company specializes in the research, production, and sales of integrated stoves and other modern kitchen appliances, with integrated stoves accounting for 58.38% of its main business revenue [1] Group 1 - Yitian Smart's stock performance shows a trading volume of 87.5485 million CNY and a turnover rate of 1.34% [1] - The company was established on September 25, 2003, and went public on December 3, 2020 [1] - The revenue composition of Yitian Smart includes integrated stoves (58.38%), other products (33.32%), and computing power business (8.30%) [1] Group 2 - Jiahe Fund holds a significant position in Yitian Smart, with its Jiahe Ruijin Mixed A Fund reducing its holdings by 53,900 shares, now holding 74,300 shares, which represents 6.68% of the fund's net value [2] - The Jiahe Ruijin Mixed A Fund has achieved a year-to-date return of 41.77% and a one-year return of 32.47% [2] - The fund manager, Tao Diwei, has been in charge for 2 years and 132 days, with the fund's total asset size at 60.1264 million CNY [2]

Company Overview - Yitian Intelligent was established on September 25, 2003, focusing on integrated stove business for 20 years, ranking high in national influence and market position [2] - The company aims to enhance brand recognition through multi-platform marketing and celebrity endorsements, emphasizing "Yitian Integrated Technology, Understanding Chinese Kitchens" [2] Strategic Focus - Future strategies include a focus on intelligence, globalization, and sustainability to maintain competitive differentiation in the kitchen appliance market [2] - The company plans to expand into computing power and AI applications in 2023, adhering to a dual-drive model of domestic and overseas chips [2] Investment Initiatives - Yitian Intelligent is collaborating with Lloyd Private Equity to establish the Shanghai Deshu Cloud Private Fund, targeting AI, big data, computing power, and advanced manufacturing sectors [4] - The fund aims to optimize investment structure and enhance operational efficiency, with a focus on creating value for shareholders [4] Financial Insights - The Deshu Cloud Fund has acquired 77.4% equity in a company specializing in AI computing services, with related orders valued between 10 billion to 11 billion RMB over five years [4] - Yitian Intelligent acts as a limited partner in the fund, with potential for significant performance elasticity in future operations [5] Decision-Making Structure - The fund's investment decision-making is managed by a three-member committee, ensuring all decisions are unanimously approved [6] Partnerships and Collaborations - Yitian Intelligent is partnering with domestic chip company Suiyuan Technology, focusing on building a large-scale computing power cluster [7] - The collaboration aims to foster innovation in chip technology and establish a complete domestic computing ecosystem [7] Market Conditions - The integrated stove industry is currently in a "bottoming" phase, with compressed profit margins and inventory challenges [10] - Despite these challenges, Yitian maintains a leading position in brand and channel, providing essential cash flow during the transition period [10] International Expansion - Yitian has signed a distribution agreement with Italian high-end kitchen appliance brand SMEG, enhancing its brand image and filling gaps in the high-end market [11] - The partnership aims to create a comprehensive operational system, integrating SMEG's design advantages with Yitian's local supply chain and service network [11]

Core Insights - The kitchen and bathroom appliance sector saw a rise of 0.71% on November 12, with Boss Electric leading the gains [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Sector Performance - Boss Electric (002508) closed at 20.40, up 2.62% with a trading volume of 160,700 shares and a transaction value of 327 million yuan [1] - Wanhe Electric (002543) closed at 11.55, up 1.49% with a trading volume of 52,200 shares and a transaction value of 59.99 million yuan [1] - Sunrise Oriental (603366) closed at 10.00, up 0.60% with a trading volume of 250,100 shares and a transaction value of 252 million yuan [1] - Zhejiang Meida (002677) closed at 7.85, up 0.51% with a trading volume of 209,800 shares and a transaction value of 166 million yuan [1] - Other notable performances include Vatti (002035) at 6.50, up 0.15%, and Aopu Technology (603551) at 11.18, down 0.36% [1] Capital Flow - The kitchen and bathroom appliance sector experienced a net outflow of 4.05 million yuan from main funds, while retail funds saw a net inflow of 21.31 million yuan [1] - Boss Electric had a main fund net inflow of 28.33 million yuan, while retail funds saw a net outflow of 18.06 million yuan [2] - Zhejiang Meida had a main fund net inflow of 2.87 million yuan, with retail funds experiencing a net outflow of 12.60 million yuan [2] - Other companies like Vatti and Aopu Technology also showed significant net outflows from main funds [2]

Group 1 - The core viewpoint is that Zhejiang Yitian Intelligent Kitchen Appliances Co., Ltd. has its credit rating maintained at AA- with a negative outlook due to significant declines in revenue and net profit [1] - The company's operating revenue for the period from January to September 2025 decreased by 45.51% year-on-year [1] - The net profit experienced a drastic decline of 904.67% [1] Group 2 - The risks highlighted include pressures in the integrated stove industry and uncertainties related to the early development of computing power business [1]

财通证券股份有限公司 证券简称：亿田智能 证券代码：300911 债券简称：亿田转债 债券代码：123235 关于 浙江亿田智能厨电股份有限公司 向不特定对象发行可转换公司债券 2025 年第二次临时受托管理事务报告 债券受托管理人 二〇二五年十一月 声 明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"） 《公司债券受托管理人执业行为准则》《浙江亿田智能厨电股份有限公司与财通 证券股份有限公司关于向不特定对象发行可转换公司债券之受托管理协议》（以 下简称"《受托管理协议》"）《浙江亿田智能厨电股份有限公司向不特定对象 发行可转换公司债券募集说明书》（（以下简称"《募集说明书》"）等公开信 息披露文件、第三方中介机构出具的专业意见等，由本期债券受托管理人财通证 券股份有限公司（以下简称"财通证券"）编制。财通证券对本报告中所包含的 从上述文件中引述内容和信息未进行独立验证，也不就该等引述内容和信息的真 实性、准确性和完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为财通证券所作的承诺 ...

盈利能力大幅下滑，导致经营亏损。 中证鹏元资信评估股份有限公司 中证鹏元公告【2025】536 号 中证鹏元关于调整浙江亿田智能厨电股份有限公司 评级展望为负面的公告 中证鹏元资信评估股份有限公司（以下简称"中证鹏元"）对浙 江亿田智能厨电股份有限公司（以下简称"亿田智能"或"公司"， 股票代码：300911.SZ）及其发行的下述债券开展评级。除评级委托 关系外，中证鹏元及评级从业人员与公司不存在任何足以影响评级行 为独立、客观、公正的关联关系。 | | | | 主体等级 | 债项等级 评级展望 | | --- | --- | --- | --- | --- | | 债券简称 亿田转债 | 上一次评级时间 2025 年 8 月 6 | 日 | AA- | 上一次评级结果 AA- 稳定 | 根据公司 2025 年三季度报告，2025 年 1-9 月，公司实现营业收 入 2.45 亿元，同比下降 45.51%；归属于上市公司股东的净利润-1.11 亿元，同比大幅下滑 904.67%；经营活动产生的现金流量净额为-0.39 亿元，同比大幅下滑 544.63%；截至 2025 年 9 月末，公司现金类资 产合计约 1 ...

Group 1: Market Overview - The kitchen and bathroom appliance sector increased by 0.38% on November 11, with Shuaifeng Electric leading the gains [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Group 2: Stock Performance - Shuaifeng Electric (code: 605336) closed at 16.74, up 3.72% with a trading volume of 159,600 shares and a transaction value of 262 million [1] - Other notable performers included Mars (code: 300894) with a 1.74% increase, and Sunrise Oriental (code: 603366) with a 0.91% increase [1] - Zhejiang Meida (code: 002677) and Vatti (code: 002035) showed minimal changes, with the former up 0.39% and the latter unchanged [1] Group 3: Capital Flow Analysis - The kitchen and bathroom appliance sector experienced a net outflow of 1.73 million from institutional investors and 13.48 million from retail investors, while individual investors saw a net inflow of 15.21 million [1] - Shuaifeng Electric had a net inflow of 11.10 million from institutional investors, while other companies like Daybreak Oriental and Aopu Technology also saw varying levels of net inflow and outflow [2] - Notably, Boss Electric (code: 002508) had a significant net outflow of 3.77 million from institutional investors, but a net inflow of 18.15 million from retail investors [2]

Core Insights - The kitchen and bathroom appliance sector experienced a 1.04% increase on November 10, with Zhejiang Meida leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Stock Performance - Zhejiang Meida (002677) closed at 7.78, up 2.77% with a trading volume of 142,700 shares and a turnover of 110 million yuan [1] - Boss Electric (002508) closed at 19.95, up 1.99% with a trading volume of 85,900 shares and a turnover of 170 million yuan [1] - Sunrise Oriental (603366) closed at 9.85, up 1.97% with a trading volume of 155,600 shares and a turnover of 152 million yuan [1] - Other notable stocks include Aopu Technology (603551) at 11.17, up 1.55%, and Mars Man (300894) at 12.66, up 1.52% [1] Capital Flow - The kitchen and bathroom appliance sector saw a net outflow of 21.63 million yuan from institutional investors and 8.06 million yuan from retail investors, while individual investors contributed a net inflow of 29.69 million yuan [1] - Boss Electric had a net inflow of 15.60 million yuan from institutional investors, while experiencing a net outflow of 1.43 million yuan from retail investors [2] - Sunrise Oriental also saw a net inflow of 14.82 million yuan from institutional investors, with retail investors contributing a net outflow of 7.18 million yuan [2]

Market Overview - The kitchen and bathroom appliance sector experienced a decline of 0.38% on November 7, with Yitian Intelligent leading the drop [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance - Notable stock performances include: - Shuaixing Electric: Closed at 15.99, up 0.82% with a trading volume of 42,900 shares and a turnover of 68.56 million yuan - Chuan Dai Co.: Closed at 6.43, up 0.31% with a trading volume of 103,100 shares and a turnover of 66.21 million yuan - Wanhe Electric: Closed at 11.45, up 0.26% with a trading volume of 32,200 shares and a turnover of 36.88 million yuan - Boss Electric: Closed at 19.56, up 0.26% with a trading volume of 60,200 shares and a turnover of 118 million yuan - Aopu Technology: Closed at 11.00, up 0.18% with a trading volume of 14,000 shares and a turnover of 15.41 million yuan - Yitian Intelligent: Closed at 37.89, down 2.12% with a trading volume of 29,000 shares and a turnover of 111 million yuan [1] Capital Flow - The kitchen and bathroom appliance sector saw a net outflow of 76.58 million yuan from main funds, while retail investors contributed a net inflow of 67.74 million yuan [1] - Detailed capital flow for specific stocks includes: - Shuaixing Electric: Main funds net inflow of 4.65 million yuan, retail net outflow of 2.95 million yuan - Aopu Technology: Main funds net outflow of 0.31 million yuan, retail net inflow of 0.46 million yuan - Yitian Intelligent: Main funds net outflow of 15.38 million yuan, retail net inflow of 10.57 million yuan - Daybreak Oriental: Main funds net outflow of 40.26 million yuan, retail net inflow of 38.18 million yuan [2]

Core Viewpoint - The kitchen and bathroom appliance sector experienced a decline of 0.54% on November 6, with Yitian Smart leading the drop, while the overall market indices showed positive performance with the Shanghai Composite Index rising by 0.97% and the Shenzhen Component Index increasing by 1.73% [1][2]. Group 1: Market Performance - The kitchen and bathroom appliance sector's decline was noted at 0.54% [1]. - The Shanghai Composite Index closed at 4007.76, up by 0.97% [1]. - The Shenzhen Component Index closed at 13452.42, up by 1.73% [1]. Group 2: Individual Stock Performance - Shuaifeng Electric (605336) closed at 15.86, with a rise of 0.63% and a trading volume of 23,300 shares, totaling a transaction value of 36.89 million yuan [1]. - Wanhe Electric (002543) closed at 11.42, up by 0.62%, with a trading volume of 46,700 shares and a transaction value of 53.45 million yuan [1]. - Tiantang Co. (002035) closed at 6.41, increasing by 0.31%, with a trading volume of 76,500 shares and a transaction value of 48.93 million yuan [1]. - Boss Electric (002508) remained unchanged at 19.51, with a trading volume of 54,200 shares and a transaction value of 106 million yuan [1]. - Zhejiang Meida (002677) closed at 7.63, down by 0.52%, with a trading volume of 99,900 shares and a transaction value of 76.52 million yuan [1]. - Sunrise Oriental (603366) closed at 9.86, decreasing by 0.90%, with a trading volume of 183,500 shares and a transaction value of 181 million yuan [1]. - Aopu Technology (603551) closed at 10.98, down by 0.99%, with a trading volume of 25,600 shares and a transaction value of 28.10 million yuan [1]. - Huoxingren (300894) closed at 12.49, down by 1.58%, with a trading volume of 43,300 shares and a transaction value of 54.38 million yuan [1]. - Yichu Xiangneng (300911) closed at +38.71, down by 3.13%, with a trading volume of 45,200 shares and a transaction value of 177 million yuan [1]. Group 3: Capital Flow - The kitchen and bathroom appliance sector saw a net outflow of 45.15 million yuan from main funds, while retail funds experienced a net inflow of 32.61 million yuan [2]. - Speculative funds recorded a net inflow of 12.54 million yuan [2].