Investment Rating - The report maintains a "Recommendation" rating for Yitian Intelligent, with a target price of 59.00 CNY, compared to the current price of 51.99 CNY [4][8]. Core Views - Yitian Intelligent's revenue for H1 2025 was 170 million CNY, a year-over-year decline of 49.1%, with a net profit attributable to shareholders of -70 million CNY, a year-over-year decline of 507.0% [2][8]. - The core business of integrated stoves saw a significant revenue drop of 66.4% year-over-year, primarily due to low demand linked to the real estate market and high replacement costs [8]. - The newly added computing power business generated 10 million CNY in revenue, indicating potential for future growth [8]. - The overall gross margin for H1 2025 was 14.1%, down 29.5 percentage points year-over-year, reflecting pressure on pricing due to insufficient demand [8]. - The report highlights that the company's profitability is under pressure, with a net loss recorded in Q2 2025 due to declining gross margins and increased fixed costs [8]. Financial Summary - Total revenue projections for 2025, 2026, and 2027 are 584 million CNY, 594 million CNY, and 658 million CNY respectively, with corresponding year-over-year growth rates of -16.9%, 1.8%, and 10.7% [4][9]. - The net profit attributable to shareholders is projected to be 28 million CNY in 2025, 40 million CNY in 2026, and 59 million CNY in 2027, with growth rates of 3.9%, 43.7%, and 48.1% respectively [4][9]. - The report indicates a significant increase in the price-to-earnings (P/E) ratio from 355 in 2024 to 161 in 2027, reflecting anticipated recovery in earnings [4][9].

Group 1 - The kitchen and bathroom appliance sector experienced a decline of 0.65% on September 10, with Yitian Intelligent leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] - Individual stock performance in the kitchen and bathroom appliance sector varied, with Zhejiang Meida showing a slight increase of 0.59% and Yitian Intelligent declining by 1.92% [1] Group 2 - The kitchen and bathroom appliance sector saw a net outflow of 21.18 million yuan from main funds, while retail investors contributed a net inflow of 24.41 million yuan [2] - The overall fund flow indicates a mixed sentiment, with institutional investors withdrawing capital while retail investors increased their positions [2]

Market Overview - The kitchen and bathroom appliance sector experienced a decline of 1.21% on September 9, with Yitian Smart leading the drop [1] - The Shanghai Composite Index closed at 3807.29, down 0.51%, while the Shenzhen Component Index closed at 12510.6, down 1.23% [1] Stock Performance - Key stocks in the kitchen and bathroom appliance sector showed varied performance, with Boss Electric up by 0.25% and Yitian Smart down by 3.92% [1] - The closing prices and changes for notable stocks are as follows: - Boss Electric: 20.36, +0.25% - Yitian Smart: 53.01, -3.92% - Daybreak Oriental: 9.90, -2.65% [1] Capital Flow - The kitchen and bathroom appliance sector saw a net outflow of 81.36 million yuan from institutional investors, while retail investors had a net inflow of 91.50 million yuan [1] - Detailed capital flow for specific stocks indicates significant outflows for Daybreak Oriental (-56.01 million yuan) and Boss Electric (-6.05 million yuan), while retail investors showed positive inflows for several stocks [2]

智通财经APP讯，亿田智能(300911.SZ)发布公告，公司近日与合肥三只羊网络科技有限公司(以下简 称"三只羊")签署了《终止协议》，现因双方战略合作规划调整，经友好协商一致，就终止原签署的 《网络推广服务合同》和《网络推广服务合同之补充协议》相关事宜达成约定。 ...

每经AI快讯，9月8日，亿田智能（300911）(300911.SZ)公告称，公司近日与合肥三只羊网络科技有限 公司签署《终止协议》，终止原签署的《网络推广服务合同》和《网络推广服务合同之补充协议》。 ...

亿田智能公告，公司近日与合肥三只羊网络科技有限公司签署了《终止协议》，因双方战略合作规划调 整，决定终止原签署的《网络推广服务合同》和《网络推广服务合同之补充协议》。双方已全面梳理尚 未实质开展的直播推广服务，亦未产生任何需要分配结算的佣金或费用。终止合作不会对公司正常生产 经营造成影响。 ...

| 证券代码：300911 | 证券简称：亿田智能 | 公告编号：2025-081 | | --- | --- | --- | | 债券代码：123235 | 债券简称：亿田转债 | | 浙江亿田智能厨电股份有限公司 关于签署《终止协议》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。 浙江亿田智能厨电股份有限公司（以下简称"公司"）近日与合肥三只羊网 络科技有限公司（以下简称"三只羊"）签署了《终止协议》（以下简称"本协 议"），现因双方战略合作规划调整，经友好协商一致，就终止原签署的《网络 推广服务合同》（以下简称"主合同"）和《网络推广服务合同之补充协议》（以 下简称"补充协议"）相关事宜达成如下约定。具体情况如下： 一、 原协议签署概况 2023 年 11 月，公司与三只羊签署了《网络推广服务合同》和《网络推广服 务合同之补充协议》，旨在充分发挥双方产业优势，通过业务合作等方式提高双 方的市场竞争力，实现合作共赢。 具体内容详见公司于 2023 年 11 月 16 日在巨潮资讯网（www.cninfo.com.cn） 披露的《关于与合肥三只羊网络 ...

Group 1 - The kitchen and bathroom appliance sector increased by 1.05% on September 5, with Aopu Technology leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] - Aopu Technology's closing price was 12.47, with a rise of 1.71%, and a trading volume of 17,600 lots, amounting to 21.61 million yuan [1] Group 2 - The main funds in the kitchen and bathroom appliance sector experienced a net outflow of 13.30 million yuan, while retail funds saw a net outflow of 7.38 million yuan [1] - Aopu Technology had a net inflow of 5.14 million yuan from retail investors, despite a net outflow of 4.17 million yuan from speculative funds [2] - Zhejiang Meida experienced a significant net outflow of 8.66 million yuan from main funds, while retail investors contributed a net inflow of 6.93 million yuan [2]

Group 1 - The establishment of Shanghai Deshu Cloud Private Fund Partnership (Limited Partnership) with a capital contribution of 2 billion yuan [1] - The business scope includes private equity investment, investment management, and asset management activities [1] - The company is co-funded by Yitian Intelligent (300911) among others [1]

Group 1 - The kitchen and bathroom appliance sector experienced a slight decline of 0.14% on September 2, with Mars Man leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] - Among the individual stocks in the kitchen and bathroom appliance sector, Rising Sun Oriental saw the highest increase of 5.75%, closing at 11.95 [1] Group 2 - The net inflow of main funds in the kitchen and bathroom appliance sector was 46.88 million yuan, while retail funds saw a net inflow of 38.06 million yuan [2] - However, there was a net outflow of 84.94 million yuan from speculative funds [2] - The overall trading volume and turnover for the sector were significant, with Rising Sun Oriental achieving a turnover of 1.444 billion yuan [1]