ROBAM(SZ:002508) Guo Ji Jin Rong Bao·2026-01-13 13:01Core Viewpoint - The company, Robam Appliances, is facing declining revenue from its main products and is investing in smart kitchen appliances to seek new growth opportunities [1][8]. Group 1: Investment and Strategic Moves - Robam Appliances signed an investment cooperation letter with Yute Smart Kitchen International Holdings, planning to invest RMB 100 million in Yute Smart Kitchen, which specializes in commercial smart cooking robot solutions [3][5]. - The investment aims to establish a deep strategic partnership to explore the smart cooking robot market [5]. - The company also announced a financial plan to use up to RMB 6.5 billion of idle funds to purchase safe and liquid financial products, having already invested RMB 2.93 billion in financial products over the past 24 months [7]. Group 2: Financial Performance - For the first three quarters of 2025, Robam Appliances reported revenue of RMB 7.312 billion, a year-on-year decline of 1.14%, and a net profit of RMB 1.157 billion, down 3.73% [8]. - The company's flagship products, range hoods and gas stoves, saw revenue declines of 2.36% and 1.11%, respectively, contributing to over 70% of total revenue [10]. - In the first half of 2025, revenue dropped 2.58% to RMB 4.608 billion, with net profit down 6.28% to RMB 712 million [9]. Group 3: Market Challenges - The company is experiencing growth challenges due to a downturn in the real estate market, which has historically driven its sales through the renovation channel [11]. - The number of newly opened renovation projects decreased by 31.8% in the first half of 2025, directly impacting the company's performance [11]. - The company faces increased accounts receivable, with balances reaching RMB 1.721 billion and RMB 736 million in notes receivable as of the third quarter of 2025 [11]. Group 4: Technological Transition - Robam Appliances is transitioning towards AI and digital kitchen appliances, having launched the AI cooking model "Shishen" in June 2024, which has attracted over 5.4 million users [11]. - Despite the focus on AI, the company's resource allocation shows a tendency towards marketing over research and development, with R&D spending down 11.23% to RMB 245 million, only 3.35% of revenue [12].