BEAR APPLIANCE(SZ:002959) Jin Tou Wang·2025-08-29 09:58Core Viewpoint - The new national subsidy policy for small household appliances, including microwaves and rice cookers, is expected to revitalize the stagnant market, leading to intensified competition among companies and highlighting the trend of "value consumption" where consumers are willing to pay more for quality products [1][2]. Company Performance - In the first half of 2025, Bear Electric reported total revenue of 2.535 billion yuan, a year-on-year increase of 18.94%, and a net profit of 205 million yuan, up 27.32% year-on-year, demonstrating strong growth aligned with industry trends [1]. - The company’s kitchen and maternal-infant appliance segments grew by 5.02% and 40.54% respectively, showcasing its successful product innovation and brand transformation efforts [3]. Product Innovation - Bear Electric has focused on product innovation, with a research and development investment of 106 million yuan in the first half of 2025, reflecting a 14.40% increase year-on-year [3]. - The company has developed a "three-level R&D system" with nearly 600 R&D personnel, enabling a closed-loop innovation process from demand insight to product iteration and experience optimization [4]. Market Trends - The kitchen small appliance market saw a 1.2% decline in shipment volume but a 9.3% increase in retail sales, indicating a shift towards higher-priced quality products [2]. - Bear Electric's strategy of offering comprehensive lifestyle solutions through its product matrix is aimed at enhancing consumer experience and satisfaction [5]. Manufacturing Capabilities - Bear Electric has established five smart manufacturing bases and a professional testing center, enhancing its manufacturing capabilities and product quality control [8]. - The company has initiated a "321 digital system upgrade project" to improve operational efficiency, resulting in a 5-day reduction in average production cycles and a 13.33% increase in inventory accuracy [8][9]. Customer Engagement - The "User Direct Plan" launched in 2023 allows Bear Electric to collect real-time user feedback, improving product development and customer service [9]. - The dual focus on product and lifestyle quality has positioned Bear Electric favorably in the competitive small appliance market, with its revenue and profit growth reflecting strong consumer trust [9].