文|丁禹 编|孟帅 因一起爆炸事故，一款标榜"耐高温"的爆款养生壶，将有着"创意小家电第一股"之称的小熊电器"炸"到了舆论的风口浪尖。 事实上，此番并非是小熊电器首次遭遇类似的质量风波。在黑猫投诉平台上，曾有多位消费者反馈过小熊电器包括产品爆炸等在内的质量问题。 风波之外，小熊电器的业绩在去年增长有所放缓后，终于在上半年回暖。近年来，为了构筑起更为多元化的营收结构，靠厨房小家电起家的小熊电 器，正大力拓展个护小家电等业务。 以下文章来源于雷达Finance ，作者X编辑 雷达Finance . 遨游广袤的财富世界。 来源|雷达财经 回看小熊电器的资本之路，天眼查显示，小熊电器于2019年8月登陆A股。2021年，创始人李一峰携家族以92.1亿元的财富跻身《新财富杂志500创 富榜》，但仅一年后，其名字便从该榜单中消失。 中报显示，上半年，小熊电器个护小家电板块的营收暴涨415.99%，但该板块的毛利率却下降8.29个百分点，"以价换量"的增长模式隐忧显现。 01 小熊电器养生壶爆炸，致1岁小孩大面积烫伤 小熊电器卷入的这起引发广泛关注的安全事故，发生在9月20日。 据新京报报道，当天，济南一位用户家中的小熊电 ...

图源网络 2025年9月27日，有网友表示，9月20日家中使用的小熊电器（002959.SZ）玻璃养生壶突然爆炸，导致 一岁孩子全身40%面积烫伤。9月24日孩子已做手术，后续还需要植皮修复疤痕。 目前，小熊电器回应称，正在全力核查事件的详细原因，同时已安排专人赶往医院，提供力所能及的帮 助，事故发生原因尚无法判定。 养生壶"爆炸"并非个例 南都N视频记者注意到，小熊电器养生壶爆炸事件并非个例，在黑猫投诉、消费保等平台，时常有消费 者进行投诉该产品质量问题，并表示客服、店铺存在"推脱责任"、"拒赔"行为。 例如，9月17日，有消费者在"消费保"发帖表示，自己于9月3日在小熊厨房官方旗舰店购买了一款0.8L 的养生壶，在严格遵循使用说明（如使用时水量均在刻度线内）的前提下，仅正常使用了不到20次，于 9月17日上午9点30分左右，在加热煮茶过程壶底出现一道超过20厘米的裂纹，裂纹导致沸水外溢。事发 后其第一时间联系店家客服，对方竟以"玻璃不属于质保范围"为由拒绝退货退款，甚至反复建议该消费 者自费购买其壶身进行更换。 实际上，2023年、2022年、2021年，均已有消费者反馈称，小熊电器养生壶存在"玻璃炸、裂 ...

Core Viewpoint - The domestic small home appliance market is experiencing intensified competition, leading to price wars and significant challenges for companies like Bear Electric, which reported a decline in net profit despite a slight increase in revenue [3][6]. Company Summary - Bear Electric achieved a revenue of 4.758 billion yuan in 2024, a year-on-year increase of 0.98%, but its net profit dropped to 288 million yuan, a significant decline of 35.37% compared to the previous year, marking the largest drop in nearly nine years [3][5]. - The company's stock price has fallen by 10.52% year-to-date, with a cumulative decline of over 55% from its peak in June 2023, resulting in a total market capitalization of 6.732 billion yuan [5][6]. - Bear Electric's core product line, particularly in kitchen appliances, is facing market share erosion from competitors, leading to a 10.1% decline in revenue from this segment in 2024 [12]. Financial Performance - The gross profit margin for Bear Electric decreased to 35.29% in 2024 from 36.61% the previous year, attributed to a shift in revenue structure and increased costs [10]. - Operating costs rose by 2.67% year-on-year, with raw material costs increasing by 4% and labor costs by 10.42% [10]. - Management expenses grew by 24.25% to 236 million yuan, financial expenses surged by 171.74% to 14.377 million yuan, and R&D expenses increased by 36.48% to 195 million yuan [10]. Market Dynamics - The overall retail sales of kitchen small appliances in 2024 were 60.9 billion yuan, a slight decline of 0.8%, indicating a stagnation in industry growth [15]. - The market is transitioning into a phase of stock competition, with the previous "home economy" benefits dissipating and consumers extending their product replacement cycles [17]. - Companies must balance high-end product development, international expansion, and cost control to sustain growth in a highly competitive environment [18].