在消费升级与智能化浪潮的双重裹挟下，中国小家电市场正经历前所未有的剧变。从空气炸锅到扫地机 器人，从智能厨房到健康家居，新品类、新场景、新技术不断重塑行业格局。这片曾经由九阳、美的、 苏泊尔三足鼎立的战场，如今已涌入小米、小熊、科沃斯等新势力，它们以互联网思维与极致性价比掀 起腥风血雨。而九阳，这个曾凭借豆浆机单一品类登顶"国民品牌"的行业巨头，却在2024年财报中显露 疲态：营收增速连续三年低于5%，净利润同比下滑12%，核心品类市占率遭美的反超，智能化转型步 履蹒跚…… 这场危机早有伏笔。奥维云网数据显示，2024年中国小家电市场规模突破4500亿元，但行业增速已从 2020年的25%骤降至6.2%，存量竞争与价格内卷成为主旋律。与此同时，头部品牌集中度持续提升：美 的、苏泊尔、九阳CR3市占率从2019年的68%攀升至2024年的76%，但九阳的份额却从24%萎缩至 19%。更致命的是，其赖以生存的厨房小家电赛道正被清洁电器、个护健康等新兴品类分流。 然而，九阳真的甘于沉沦吗？在2024年战略发布会上，九阳高调宣布"All in健康科技"，豪掷30亿元加 码智能厨电研发，并推出"太空科技2.0"系列新品 ...

Core Insights - The article discusses the rising popularity and pricing strategy of the high-end kitchen appliance brand Beiding, particularly focusing on its multifunctional electric steamer and other products, despite the overall market trend towards more cost-effective options [6][11][21]. Pricing and Consumer Behavior - Beiding's electric steamer is priced significantly higher than competitors, with a starting price of around 1300 yuan, which is 5-10 times more than similar products from other brands [7][11]. - Despite the high prices, consumers are willing to pay for Beiding products due to their perceived quality and design, indicating a shift in consumer behavior towards valuing aesthetics and brand reputation over cost [10][12][15]. Sales Performance - Beiding's electric steamer has become a top-selling product, contributing over 30% to the brand's sales in 2024, nearly double that of its previously popular health pot [6][18]. - The company has seen a significant increase in revenue, with a 16.54% year-on-year growth for the steamer, while the health pot only grew by 4.6% [18]. Market Positioning - Beiding targets a high-end market segment, focusing on consumers with higher purchasing power, particularly women who prioritize quality and aesthetics in small appliances [11][15]. - The brand's strategy includes leveraging its history as an OEM for international brands to establish a strong reputation and justify its premium pricing [12][21]. Challenges and Future Outlook - Despite current success, Beiding faces challenges in maintaining its market position as competition intensifies and consumer preferences shift towards more affordable options [20][21]. - The company is exploring new product categories, such as coffee machines, to expand its offerings and sustain growth in a competitive landscape [23][25].

Investment Rating - The report does not explicitly provide an investment rating for the portable fan industry Core Insights - The portable fan industry is characterized by "low technology, high iteration, and strong scenarios," with future competition focusing on product innovation and user experience enhancement, while environmental and smart technologies may become differentiation breakthroughs [5] - The market for portable fans shows significant seasonality, with summer being the peak sales season; the consumer demographic is becoming younger, with students, office workers, and outdoor enthusiasts as core users [5] - By 2025, upgrades in portable fans will focus on enhanced battery life, optimized airflow, smart interactions, and multifunctional integration, with a greater emphasis on environmental sustainability and personalized needs [5] Summary by Sections Section 1: Market Segmentation and Characteristics - Portable fans are small handheld or desktop devices powered by batteries or USB, designed for personal cooling in various settings, with types including handheld, desktop, neck-hanging, and foldable fans [2] - Handheld fans are compact, typically measuring 15-25 cm and weighing 100-300 grams, with a battery life of 2-8 hours [2] - Desktop fans are more stable, ranging from 20-35 cm in height and weighing 300-800 grams, often featuring multiple speed settings and longer battery life [2] - Neck-hanging fans are designed for safety and convenience, weighing 150-300 grams with a battery life of 3-6 hours [2] - Foldable fans are portable and easy to store, with varying shapes and sizes [2] Section 2: Export Market Overview - The global demand for portable fans is growing, providing significant opportunities for Chinese brands in the export market [6] - In 2024, China's fan export volume is projected to reach 61,396 million units, with a year-on-year growth of 42.8%, and portable fan exports are expected to increase significantly [6] - The portable fan market is driven by consumer demand for convenience and practicality, with a notable increase in the export volume of portable fans [6] Section 3: Sales Channels - Online sales channels include major cross-border e-commerce platforms such as Amazon, Shopee, and eBay, which are crucial for reaching international markets [10] - Some brands have established independent websites to enhance direct consumer engagement and brand experience [10] - Partnerships with large retail chains like Target and Walmart, as well as presence in global supermarkets and airport duty-free shops, are important for offline sales [10] Section 4: Competitive Landscape - Emerging tech brands like Jisu Technology and ColdSky are leading the market with strong innovation capabilities and stylish designs [11] - Traditional appliance brands such as Haier and Gree leverage their established reputation and extensive sales networks to compete effectively [13] - Cross-border e-commerce brands focus on high cost-performance ratios and quick adaptation to market demands, utilizing their operational experience on e-commerce platforms [14]

便携式小风扇行业简报 | 2025/04 www.leadleo.com 报告标签：风扇、便携式小风扇、出海、新兴科技品牌、传统家电 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性文件（在报告中另行标明出处者除外）。未经头豹 研究院事先书面许可，任何人不得以任何方式擅自复制、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行为发生，头豹研究 院保留采取法律措施、追究相关人员责任的权利。头豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹"的商号、商标，头豹研究院无任何前述名 称之外的其他分支机构，也未授权或聘用其他任何第三方代表头豹研究院开展商业活动。 1 头豹调研简报 | 2025/04 便携式小风扇行业 Q1：中国便携式小风扇行业有哪些细分领域和特征？ ◼ 便携式小风扇是一种以电池或USB供电的小型手持/桌面式送风设备，具有轻便、易携带、低功耗等特点，主要用于个人 在户外或室内场景下的局部降温。其核心功能是提供定向气流，体积通常小于传统风扇，适合随身使用。按照使用形态 可分为手持小风扇、桌面小风扇、挂脖小风扇、折叠小风扇等。 图表1：便携式小风 ...

青木科技：股东拟减持不超过3%公司股份 5月22日，青木科技（301110）发布公告称，持股5%以上股东孙建龙计划自公告披露之日起15个交易日 后的3个月内，通过集中竞价和大宗交易方式减持公司股份不超过277.6万股，占公司总股本的3.00%。 资料显示，青木科技成立于2009年8月，主营业务是全球知名品牌提供一站式综合电商服务。 所属行业：商贸零售–互联网电商–电商服务 新开普：实控人杨维国收到公安局《撤销案件决定书》 5月22日，新开普（300248）发布公告称，公司收到公司实控人、董事长兼总经理杨维国的通知，其近 日收到了潍坊市公安局出具的《撤销案件决定书》。公司于2023年4月24日发布公告，公司实控人、董 事长兼总经理杨维国因涉嫌泄露内幕信息罪被刑事拘留。 资料显示，新开普成立于2008年4月，主营业务校园校务管理、后勤生活服务信息化，教育教学信息化 解决方案建设。 所属行业：基础化工–化学制品–食品及饲料添加剂 莱茵生物：部分董事及高管拟合计减持不超0.14%股份 5月22日，莱茵生物（002166）发布公告称，公司董事长、总经理谢永富，董事、副总经理白昱，董 事、副总经理兼财务总监郑辉，副总经理 ...

Group 1 - The small home appliance industry in Jiangmen is experiencing rapid growth, with exports reaching 3.02 billion yuan from January to April, a year-on-year increase of 7% [1] - Jiangmen Dexin Electric Co., a fan manufacturer, reported a more than 15% increase in export value in the first four months of the year, with expectations of a 20% growth in order volume as summer approaches [1] - Jiangmen Keye Electric Manufacturing Co. is also seeing robust activity, maintaining positive growth in export volume and expanding brand recognition in Europe and Southeast Asia [1] Group 2 - The small home appliance sector has a short product update cycle and seasonal characteristics, necessitating high logistics requirements [2] - Jiangmen Customs has implemented a "Customs Director's Policy Delivery" mechanism to assist small appliance companies in addressing issues and facilitating smoother exports [2] - A dedicated window for small appliance product declaration has been established to help companies avoid errors in tax code submissions, along with guidance on utilizing tax refund policies [2]

Core Insights - The event in Tokyo marked a significant step for companies like Lek Electric to establish their own brand products in Japan, moving away from the previous model of OEM sales [1][2] - The "Hundred Groups and Thousand Enterprises" outbound initiative aims to assist Suzhou's foreign trade companies in expanding into diverse international markets, focusing on sectors such as electronics, small appliances, machinery, and textiles [1] - The establishment of the "Cross-Serving Japan Center" and the creation of an overseas warehouse in Japan are part of the efforts to build a cross-border supply chain network for Suzhou's foreign trade enterprises [2] Group 1 - Lek Electric successfully connected with over ten Japanese clients during the Tokyo event, achieving preliminary cooperation intentions [1] - The Suzhou municipal government initiated the outbound plan to help local companies navigate external uncertainties and explore international markets [1] - A total of 22 Suzhou companies, including Lek Electric and others, participated in the Tokyo event after a selection process [1] Group 2 - Lek Electric aims to transition from OEM to brand development in response to increasing international market uncertainties [2] - The Tokyo event provided a platform for direct communication between Lek Electric and Japanese customers, addressing challenges in connecting product offerings to sales [2] - Suzhou's economic promotion teams are actively engaging in trade connection activities across various countries and regions, with plans for further outreach until the end of June [2]

Core Viewpoint - The U.S. government's tariff policy is significantly impacting various aspects of American society, particularly affecting consumer prices and the availability of essential goods [1][9]. Group 1: Impact on Consumers - Many household products, including utensils and appliances, are manufactured in China, leading to potential price increases for consumers due to tariffs [1][3][5]. - The imposition of tariffs may result in shortages of essential items, making it difficult for consumers to find alternatives produced domestically [9]. Group 2: Investment Climate - The uncertainty surrounding trade policies is causing hesitation among investors, as they are wary of making long-term commitments in the face of unpredictable regulatory changes [11]. - The need for significant capital investment, such as $100 million for a factory, is compounded by the fear of sudden policy shifts, discouraging new manufacturing ventures in the U.S. [11]. - Importers are rushing to stockpile Chinese goods before a temporary suspension of tariffs, indicating a reactive rather than proactive investment strategy [11].

证券研究报告 | 公司点评 gszqdatemark 2025 05 20 年 月 日 倍轻松（688793.SH） 24 年盈利水平转正，海外增速更快 事件：公司发布 2024 年年报和 2025 年一季报。公司 2024 年实现营业 总收入 10.9 亿元，同比-14.9%；实现归母净利润 0.1 亿元，同比+120.2%。 24Q4 单季营业总收入为 2.5 亿元，同比-25.4%；归母净利润为-0.03 亿 元，同比+91.8%。25Q1 实现营业收入 2.0 亿元，同比-32.8%；实现归母 净利润-0.02 亿元，同比-111.7%。 国内销售有所下滑，头部按摩产品表现优秀。分区域：24 年公司国内、国 外收入分别为收入 10.0 亿元、0.8 亿元，同比-16.4%、+9.5%。国内收入 有所下滑，主要系减少抖音推广等投入以及直营新开门店带来的收入无法 覆盖闭店导致的缺口；国外收入增长主要系加大线上独立站的投入。后续 公司将持续探索"科技产品+速效按摩服务"的新商业模式。分产品：24 年公司眼部、颈部、头皮+头部、肩部、腰背部、其他收入分别为 1.3 亿 元、1.3 亿元、2.4 亿元、3.5 ...

证券研究报告 | 公司点评 gszqdatemark 2025 05 20 年 月 日 倍轻松（688793.SH） 24 年盈利水平转正，海外增速更快 事件：公司发布 2024 年年报和 2025 年一季报。公司 2024 年实现营业 总收入 10.9 亿元，同比-14.9%；实现归母净利润 0.1 亿元，同比+120.2%。 24Q4 单季营业总收入为 2.5 亿元，同比-25.4%；归母净利润为-0.03 亿 元，同比+91.8%。25Q1 实现营业收入 2.0 亿元，同比-32.8%；实现归母 净利润-0.02 亿元，同比-111.7%。 国内销售有所下滑，头部按摩产品表现优秀。分区域：24 年公司国内、国 外收入分别为收入 10.0 亿元、0.8 亿元，同比-16.4%、+9.5%。国内收入 有所下滑，主要系减少抖音推广等投入以及直营新开门店带来的收入无法 覆盖闭店导致的缺口；国外收入增长主要系加大线上独立站的投入。后续 公司将持续探索"科技产品+速效按摩服务"的新商业模式。分产品：24 年公司眼部、颈部、头皮+头部、肩部、腰背部、其他收入分别为 1.3 亿 元、1.3 亿元、2.4 亿元、3.5 ...