BEAR APPLIANCE(SZ:002959) Hua Xia Shi Bao·2025-04-10 08:52Core Viewpoint - In 2024, Xiaoxiong Electric's performance shows signs of fatigue amid fierce competition in the small home appliance market, with revenue slightly increasing by 0.98% to 4.758 billion yuan, but net profit plummeting by 35.37%, indicating a clear "revenue growth without profit growth" trend [2][3]. Financial Performance - Xiaoxiong Electric reported a revenue of 4.758 billion yuan in 2024, a year-on-year increase of 0.98% [3]. - The net profit attributable to shareholders was 288 million yuan, a decrease of 35.37% year-on-year [3]. - The net profit after deducting non-recurring gains and losses was 246 million yuan, down 35.51% year-on-year [3]. - Revenue from various product categories showed mixed results, with kitchen appliances declining by 10.1% and "other small appliances" down by 8.85% [3]. Cost and Expense Analysis - Management expenses increased by 24.25% to 236 million yuan, financial expenses surged by 171.74% to 14.377 million yuan, and R&D expenses rose by 36.48% to 195 million yuan [4]. - Overall revenue cost for Xiaoxiong Electric increased by 1.67% year-on-year, exceeding the revenue growth rate of 0.98%, further compressing profit margins [4]. - The gross profit margin for small home appliances was 35.29%, down 1.06% year-on-year, influenced by changes in revenue structure [4]. Market Environment - The domestic small home appliance market continues to face a saturated competition landscape, with varying performance across different categories [6]. - Kitchen small appliances saw a retail value of 60.9 billion yuan in 2024, a slight decline of 0.8% year-on-year [6]. - The export value of kitchen small appliances reached 19.9 billion USD, up 9.1% year-on-year, while personal care small appliances saw an export value of 5.7 billion USD, increasing by 16.9% [7]. Strategic Initiatives - Xiaoxiong Electric has expanded its product range to over 90 categories and more than 1,000 models, aiming to enhance market resilience [8]. - The company plans to focus on brand expansion overseas and increase R&D for new markets, despite uncertainties from changing tariff policies [7][8]. - Industry experts suggest that Xiaoxiong Electric should concentrate resources on developing new blockbuster products rather than spreading too thin across many categories [10].