Group 1 - The Reserve Bank of Australia (RBA) is expected to lower the cash rate by 0.25 percentage points to 3.85%, with further cuts anticipated before Christmas, making Australian small-cap stocks more attractive compared to global markets [2][3] - Small-cap stocks are sensitive to economic growth changes, and the S&P/ASX 200 index reached a three-month high, rebounding nearly 14% since its low on April 7 [3] - Key investment sectors include consumer and real estate, with specific interest in outdoor advertising company oOh!media and furniture retailer Nick Scali, which is expected to perform well during the rate decline [4][6] Group 2 - Ophir Asset Management is optimistic about Nick Scali and has increased holdings in small appliance manufacturer Breville, viewing them as sensitive to economic cycles [6] - The firm also invested in Pinnacle, betting on a recovery in the real estate market, and believes the Australian stock market is more attractive than the U.S. market due to larger and faster expected rate cuts [6] - Despite optimism for small-cap stocks, there is caution regarding potential market corrections, with defensive stocks like ResMed and AUB Group being held to hedge risks [8]

美国的关税政策让本国的小企业主承受重压。有企业主表示，现阶段他们只能努力维持运营，不期望有什么利润。 美国小企业主博比·贾瓦赫里：现在的处境，让我感觉我们国家的政府并不支持我，不支持我的事业。 博比·贾瓦赫里的公司主要销售中国制造的小家电。两周前，他的新一批货物到港时，收到了从9000美元到21000美元不等的关税账单。 记者：你通常需要支付多少费用？ 美国小企业主博比·贾瓦赫里：几百美元。 记者：才几百美元？ 美国小企业主博比·贾瓦赫里：大家要知道，如果做的是利润率很低的生意，面对这样的关税真的做不下去了，我得把空气炸锅卖到冰箱的价格。 贾瓦赫里说，在关税调整后，美国对中国商品加征的30%关税仍然过高。 美国小企业主博比·贾瓦赫里：当然不低，尤其是对高价位商品来说。 记者：所以你涨价了，是吗？ 美国小企业主博比·贾瓦赫里：我们调整了价格，所有商品都涨价了。 虽然目前关税降低了，但是运费涨了三倍，又成了让贾瓦赫里头疼的新问题。他无奈地表示，在美国关税政策下，今年不期望能有什么利润，只能努力维持 运营。 14日，美国参议院举行了一场有关小企业的听证会，一家美国效果器制造商的首席执行官在听证会上也讲述了企业面临的 ...

Group 1 - The article emphasizes the emotional connection and unspoken love expressed through kitchen appliances, particularly highlighting the role of Joyoung in enhancing family relationships through its products [1][2] - Joyoung's innovative products, such as the 0-coating rice cooker and the quiet blender, are designed to meet the health and convenience needs of modern families, reflecting a shift towards healthier cooking methods [3][12] - The introduction of the 0-coating rice cooker addresses health concerns related to aluminum leaching, showcasing Joyoung's commitment to consumer safety and health [3][12] Group 2 - Joyoung's history of innovation began with the invention of the first fully automatic soy milk maker in 1994, which revolutionized breakfast preparation for many Chinese families [10][11] - The company has expanded its product line over the years, introducing various kitchen appliances that cater to the evolving needs of consumers, including the recent development of the heating water purifier with antibacterial technology [9][10] - Joyoung's focus on health and safety has led to the creation of multiple products that not only enhance cooking but also ensure the well-being of families, solidifying its status as a national brand [12]

Group 1: Investor Relations Activities - The company held an annual report presentation on May 14, 2025, via the "Investor Relations Interactive Platform" [3] - Key attendees included the Chairman, Vice Chairman, CFO, and other board members [3] Group 2: Internal Control and Risk Management - The company has established a governance structure to ensure effective decision-making and implementation [4] - Risk management involves analyzing external and internal risk factors, with a combination of quantitative and qualitative methods [4] Group 3: Business Direction and Innovation - The company focuses on smart control technology for home appliances and aims to expand its market position and product applications [4] - In 2024, the company received 23 new patent authorizations, including 6 invention patents [7] Group 4: Financial Performance and Dividends - The company plans to distribute a cash dividend of 2.00 CNY per 10 shares, totaling approximately 9,496,588.20 CNY [5] - The total share capital is 49,982,941 shares, with 47,482,941 shares as the basis for the dividend distribution [5] Group 5: Overseas Business Development - In 2024, the company achieved overseas revenue of 128 million CNY, a year-on-year increase of 16.34% [6] - The gross profit margin for overseas operations was 25.17%, up by 3.90 percentage points [6] Group 6: Core Competitiveness - The company's core competitiveness lies in its R&D innovation capabilities, particularly in smart control technology for home appliances [6] - The company has accumulated multiple core technologies in smart control chips and related products [6] Group 7: Future Strategies and Projects - The company aims to enhance operational efficiency through digital transformation and expand both domestic and international markets [8] - Ongoing projects include the "Smart Controller Production Construction Project," which has been adjusted due to land acquisition issues [8]

Core Viewpoint - The small home appliance industry in A-shares has shown significant revenue and profit growth in 2024, but there is a notable divergence in performance among companies, with many facing declining profits or losses [1][4]. Industry Overview - The small home appliance sector achieved a revenue of 1190.5 billion yuan and a net profit of 94.69 billion yuan in 2024 [1]. - The industry consists of 22 listed companies, characterized by a mix of consumer and technology attributes, with a diverse range of products including kitchen appliances, cleaning devices, personal care products, and environmental appliances [1]. - The competitive landscape is marked by a concentration of leading companies that leverage brand premium and R&D investment, while some firms struggle with high inventory and uncontrolled expenses [1]. Company Performance - Half of the companies in the small home appliance sector reported a decline in net profit or an increase in losses in 2024, indicating a challenging environment [1][4]. - Leading companies such as Supor, Xinbao, and Ecovacs reported revenues exceeding 10 billion yuan, with most achieving net profit growth, except for Stone Technology [2][3]. Profitability Analysis - Overall profitability in the small home appliance sector remains stable, with only one company, ST Dehao, reporting a loss [4]. - Eight companies have a net profit below 100 million yuan or are operating at a loss, while only four companies have a net profit exceeding 1 billion yuan [4]. - Companies like Aishida and Beilingsong reported significant net profit growth of 103.98% and 120.16%, respectively, but their non-recurring profit ratios were -230.41% and -31.96%, indicating low quality of earnings [4][7]. Cost Structure - The small home appliance industry generally has a higher gross margin compared to black and white goods, but there are significant internal disparities [5]. - Companies like Beilingsong have a gross margin exceeding 60%, yet their net margin is below 1%, highlighting issues with expense management [5][6]. - Sales expenses for many companies far exceed R&D expenses, with Beilingsong's sales expense ratio reaching 50.14%, indicating a heavy reliance on marketing over innovation [11]. Operational Efficiency - Some companies exhibit low operational efficiency, with inventory turnover days exceeding 100 days for several firms, indicating potential inventory accumulation risks [12][15]. - Companies like Supor and Stone Technology demonstrate efficient cash flow management, with turnover days of 44.53 and -37.81 days, respectively [14].

Core Viewpoint - The successful launch of the Shenzhou-20 manned spacecraft highlights the significance of traditional Chinese food, such as soy milk, in supporting astronauts' health and well-being in space [2][5]. Group 1: Soy Milk's Popularity and Nutritional Value - Soy milk has become the most popular breakfast beverage in China, surpassing congee and milk, with a market share of 39.1% in 2019 [3]. - The nutritional value of soy milk has been recognized for over 2,000 years, making it a staple in Chinese diets [5]. Group 2: Development of Space Soy Milk - The space soy milk underwent rigorous testing, passing 15 processes and over 24 quality checks to meet the stringent requirements for food safety and nutritional standards in space [7]. - The soy milk contains a protein content of 5.0, setting a new benchmark for the category [7]. Group 3: Company Background and Innovations - Joyoung, founded in 1994, pioneered the fully automatic home soy milk maker, transforming how Chinese families access fresh soy milk [8]. - Over 31 years, Joyoung has made 25 technological iterations and launched over 500 products, continuously innovating in the soy milk machine sector [10][11]. - The company has introduced various technologies, including the "no residue" and "self-cleaning" features, enhancing user experience and product quality [11][14]. Group 4: Consumer Products and Future Outlook - The technology behind space soy milk has been integrated into Joyoung's flagship product, the K7 Pro, which offers a hands-free, low-purine soy milk experience [14]. - The K7 Pro features advanced AI-driven self-cleaning capabilities and high-efficiency sterilization, ensuring convenience and hygiene for consumers [15]. - The commitment to preserving traditional flavors while leveraging cutting-edge technology reflects Joyoung's vision for the future of soy milk, potentially extending to lunar bases [15].

Core Insights - The retail sales of juice machines in China were approximately 480 million yuan in 2022 and are expected to rebound to 760 million yuan by 2024, driven by increasing health consciousness among consumers [1][13] - The juice machine industry is projected to experience slow growth due to market saturation and competitive pressures, despite positive factors such as health awareness and product innovation [1][13] Industry Definition and Classification - Juice machines are kitchen appliances that separate juice from solid residues using methods like physical pressing and centrifugal force, aimed at efficiently extracting nutrients while reducing solid intake [2] Industry Chain Analysis - The juice machine industry chain operates on a closed-loop ecosystem driven by collaborative innovation and demand, consisting of upstream material suppliers, midstream manufacturers, and downstream sales channels [4] Industry Development History - The juice machine industry in China has evolved through four stages: from OEM production to independent innovation, scene-based demand explosion, and ecological reconstruction, transitioning from scale-driven to value-driven growth [6] Current Industry Status - The juice machine retail market is experiencing a gradual increase in sales, with a projected rise from 480 million yuan in 2022 to 760 million yuan in 2024, influenced by consumer preferences for fresh and nutritious homemade juices [13] Key Companies Analysis - Major players in the juice machine market include Midea, Supor, and Joyoung, each leveraging diverse product lines, strong R&D capabilities, and extensive sales channels to maintain competitive positions [15][17][19] Future Development Trends 1. **Nutritional Retention and Health Function Enhancement** - The industry is focusing on advanced technologies to enhance nutritional retention in juices, such as slow squeezing techniques that minimize nutrient loss [21] 2. **Intelligent Development** - The integration of smart technology is expected to transform juice machines, allowing remote control via smartphones and automatic adjustments based on ingredient characteristics [22][23] 3. **Multi-functional Integration** - Juice machines are evolving into multi-functional appliances, capable of making smoothies, grinding coffee beans, and preparing various beverages, catering to diverse consumer needs [24]

成正仁的工厂正在加快对美出口产品生产。受访者供图 "美国客户已经全部要求发货了，订单量也实现了增长。" 5月14日，义乌市梦成玩具公司负责人成正仁向新京报贝壳财经记者透露，其中一款套装玩具的出货量增加到了18万套，"客户预判这款产品会畅销，所以加 大了采购量。" 此前两日，中美发布日内瓦经贸会谈联合声明，也让外界看到关税缓和的影子。面对关税变动，成正仁已经从容不迫。他坦言："和我之前说得一样，美国 人离不开中国制造。即便在关税最高的时期，我们的工厂也没有停工。而且早在半个月前，沃尔玛、塔吉特这些美国客户就已经要求我们恢复发货，并明确 表示关税由他们承担。" 5月14日12时01分（美东时间5月14日0时01分）起，中美相互调整后的关税正式实施。美国对中国商品加征24%的关税在初始的90天内暂停实施，同时保留 按该行政令的规定对这些商品加征剩余10%的关税。如今，一度停摆的订单，在客户的催促下早已"加急"发货，不过，忙碌之外，外贸企业也逐渐意识到走 到了转型的十字路口。 4月以来，国内一众以外贸为主的厂商生意出现拐点。为了解决"对等关税"造成的阶段性销售和库存压力等问题，一时间，越来越多的"出口品牌转内销"专 ...

免责声明 中国银河证券表示，首先，前期受关税影响回调较大的板块行情有望回暖，主要涉及其他电子、消费电 子、光学光电子、元件等电子板块，IT服务、软件开发等计算机板块，自动化设备、通用设备、专用设 备等机械设备板块。其次，出口依赖度较高的行业有望实质性受益，企业盈利预期迎来回暖。以境外业 务收入占比指标统计，其他家电、照明设备Ⅱ、小家电、工程机械、元件、其他电子Ⅱ、纺织制造、光 学光电子等板块境外业务收入占比较高。此外，协议公告后，港股市场整体呈现出积极的反应态势，恒 生科技指数涨幅明显拉升，对A股市场后续行情有一定指示意义。以5月12日港股行情判断，汽车、家 电、软件服务、可选消费、半导体、机械等板块行情有望受到提振。 景顺长城基金指出，短期出口出海链企业直接受益，相关板块有望具有阶段性相对表现，建议关注消费 电子、元件、机械和汽车零部件等出口链行业；中美和谈明显改善投资者风险偏好，红利风格短期或表 现平淡。中期在关税冲击减小后，可围绕景气回升进行关注，其中DeepSeek突破加速AI产业发展，AI 产业链中的基础设施环节和应用环节仍是中期重要主线。 5月12日，中美日内瓦经贸会谈达成共识，大幅降低或暂停4月 ...

证券代码：301332 证券简称：德尔玛 编号：2025-002 广东德尔玛科技股份有限公司 机构活动记录表 投资者关系活 动类别 □特定对象调研 □ 分析师会议 □ 媒体采访 √ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他 （请文字说明其他活动内容） 参与单位名称 及人员姓名 投资者网上提问 时间 2025 年 5 月 13 日 (周二) 下午 15:00~16:00 地点 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） 采用网络远程的方式召开业绩说明会 上市公司接待 人员姓名 1、德尔玛董事长、总经理蔡铁强 2、德尔玛副总经理、财务总监孙斐 3、德尔玛副总经理、董事会秘书孙秀云 4、独立董事纪建斌 投资者关系活 动主要内容介 绍 投资者提出的问题及公司回复情况 公司就投资者在本次说明会中提出的问题进行了回复： 1、公司 2024 年营业收入达到了 35.31 亿元，同比增长 了 11.98%，公司未来有没有信心继续保持这样的增长态势？ 您好，面对行业技术迭代及市场竞争的双重挑战，公司未 来将在产品长效创新、全球市场拓展、智造能力提升及组织运 营效率等方面 ...