BEAR APPLIANCE(SZ:002959) Xin Lang Cai Jing·2025-10-30 12:21Core Viewpoint - Little Bear Electric is a leading domestic creative small appliance company, established in 2006 and listed in 2019, focusing on rapid response to consumer needs and new product development [1] Financial Performance - For Q3 2025, Little Bear Electric reported revenue of 3.691 billion yuan, ranking 4th among 10 companies in the industry, with the top competitor, Supor, at 16.897 billion yuan [2] - The company's net profit for the same period was 268 million yuan, ranking 3rd in the industry, with Supor leading at 1.364 billion yuan [2] - The main business composition includes kitchen small appliances generating 1.673 billion yuan, accounting for 66.02% of total revenue [2] Financial Ratios - As of Q3 2025, Little Bear Electric's debt-to-asset ratio was 45.49%, lower than the industry average of 45.79% and improved from 49.49% in the previous year, indicating strong solvency [3] - The gross profit margin for the same period was 37.16%, higher than the previous year's 35.62% and the industry average of 26.38%, reflecting strong profitability [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 11.77% to 17,900, while the average number of circulating A-shares held per shareholder increased by 13.38% to 8,457.5 [5] - Notable changes among the top ten circulating shareholders include a decrease in holdings by Hong Kong Central Clearing Limited and the entry of new shareholder, China Europe Economic Selection Mixed A [5] Business Highlights - In H1 2025, Little Bear Electric achieved 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 [5] - The company is expected to see revenue growth of 9% annually from 2025 to 2027, with net profits projected to grow significantly in the same period [5] - The growth is driven by brand acceleration, improved gross margins, and optimized expenses [5][6]