Investment Rating - The report maintains an "Overweight" rating for the retail industry [1] Core Insights - The 2025 Double Eleven sales period saw a total e-commerce sales of approximately 1,695 billion yuan, representing a year-on-year increase of 14.2%. The comprehensive e-commerce platforms accounted for 1,619.1 billion yuan, with a year-on-year growth of 12.3% [4][9] - Instant retail showed remarkable growth, with sales reaching 67 billion yuan during the Double Eleven period, marking a year-on-year increase of 138% [10][15] - Key product categories such as digital appliances, food and beverages, furniture, and pet products experienced significant growth, with pet sales reaching 9.2 billion yuan, up 59% year-on-year [15][16] Summary by Sections Weekly Industry Viewpoint - The Double Eleven sales period was extended, contributing to steady growth in total e-commerce sales. The sales period for 2025 was from October 7 to November 11, compared to October 14 to November 11 in 2024 [9] - Instant retail emerged as a highlight, with substantial growth compared to traditional e-commerce formats [10] Weekly Market Review - From November 10 to November 16, the Shenwan retail index increased by 4.06%, while the Shanghai Composite Index decreased by 0.18% [17] - Year-to-date performance shows the Shenwan retail index up by 8.43%, compared to a 19.06% increase in the Shanghai Composite Index [17][22] Company Valuation Table - The report includes a detailed valuation table for various companies in the retail sector, with specific metrics such as market capitalization and P/E ratios [24][25]

证券日报网讯小熊电器11月18日在互动平台回答投资者提问时表示，截至2025年11月10日，公司股东总 户数为22592户。 （文章来源：证券日报） ...

证券日报网讯 小熊电器11月18日在互动平台回答投资者提问时表示，公司海外业务分为自主品牌出 海、跨境电商和代工，公司未来会继续加大海外品牌建设和推广力度，更有针对性地做好各渠道的选 品、运营、推广等工作，提高渠道运营质量。 （编辑 王雪儿） ...

Core Viewpoint - The company, Bear Electric (002959), indicated that its offline channel sales currently represent a small proportion of its overall sales and is considering opening exclusive offline flagship stores in the future based on business development needs [1] Group 1 - The company currently has a low percentage of sales from offline channels [1] - Future plans may include the establishment of exclusive offline flagship stores [1]

Core Insights - The article highlights the transformation of the health pot from a simple kitchen appliance to a lifestyle product, with Xiaoxiong Electric achieving impressive sales figures and market leadership in the health pot sector [1] Demand Insights - The trend of health consumption among the younger population is deepening, characterized by three main features: precision in dietary choices, scenario-based usage extending beyond home to office and outdoor settings, and a focus on scientific food preparation [2] - Xiaoxiong Electric recognized the evolving user needs, moving beyond basic functionalities to offer diverse solutions for "precise health" through continuous product iteration and segmentation [2][3] Technological Iteration - The development of the "precise health" product matrix is driven by ongoing technological advancements, with Xiaoxiong Electric focusing on user-centered innovation [4] - Innovations include the low-noise health pot for office use, a glass health pot with infrared temperature control for herbal cooking, and the rapid heating technology in the An Tun Tun health pot, addressing specific user pain points [4][5] Brand Transformation - Xiaoxiong Electric is transitioning from a product-centric approach to a lifestyle brand, providing customized experiences that align with users' daily routines [6] - The company has established a comprehensive ecosystem that includes smart manufacturing and digital upgrades, ensuring seamless integration from product concept to user experience [7]

Market Overview - The small home appliance sector experienced a decline of 0.54% on November 18, with Rainbow Group leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Stock Performance - Notable gainers in the small appliance sector included: - Joyoung Co., Ltd. (002242) with a closing price of 11.80, up 1.99% and a trading volume of 644,200 shares, totaling 736 million yuan [1] - Biyin Co., Ltd. (603215) closed at 20.29, up 1.45% with a trading volume of 33,400 shares, totaling 67.34 million yuan [1] - Major decliners included: - Rainbow Group (003023) which fell 8.33% to a closing price of 25.20, with a trading volume of 96,000 shares, totaling 249 million yuan [2] - ST Dehao (002005) down 5.08% to 2.80, with a trading volume of 244,100 shares, totaling 68.69 million yuan [2] Capital Flow - The small home appliance sector saw a net outflow of 55.19 million yuan from institutional investors, while retail investors contributed a net inflow of 72.79 million yuan [2] - Specific stock capital flows indicated: - Lek Electric (603355) had a net inflow of 18.91 million yuan from institutional investors, but a net outflow of 17.39 million yuan from retail investors [3] - Joyoung Co., Ltd. (002242) experienced a net inflow of 18.21 million yuan from institutional investors, with a slight net outflow from retail investors [3]

Group 1 - The core viewpoint of the news is that Jiuyang Co., Ltd. has seen a stock price increase of 5.36%, reaching 12.19 yuan per share, with a trading volume of 462 million yuan and a turnover rate of 5.41%, resulting in a total market capitalization of 9.301 billion yuan [1] - Jiuyang Co., Ltd. is based in Jinan, Shandong Province, established on July 8, 2002, and listed on May 28, 2008. The company primarily engages in the research, production, and sales of kitchen small appliances [1] - The main revenue composition of Jiuyang includes: Nutrition cookers 39.65%, Food processors 36.67%, Western-style electrical appliances 18.28%, Cookware 3.69%, Other products 0.96%, and Others (supplementary) 0.76% [1] Group 2 - Among Jiuyang's top ten circulating shareholders, a fund under Southern Fund holds a position. The Southern CSI 1000 ETF (512100) reduced its holdings by 11,200 shares in the third quarter, now holding 2.8116 million shares, which accounts for 0.37% of circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 76.63 billion yuan. Year-to-date returns are 27.78%, ranking 1837 out of 4212 in its category; the one-year return is 24.32%, ranking 1864 out of 3956; and since inception, the return is 13.08% [2]

Core Viewpoint - The company currently does not have any involvement in the robotics business and has not indicated plans to explore this area in the future [2] Company Information - The company, 小熊电器 (002959.SZ), confirmed on an investor interaction platform that it does not engage in any robotics-related business at this time [2]

格隆汇11月18日丨小熊电器(002959.SZ)在投资者互动平台表示，公司海外业务分为自主品牌出海、跨 境电商和代工，公司未来会继续加大海外品牌建设和推广力度，更有针对性地做好各渠道的选品、运 营、推广等工作，提高渠道运营质量。 ...

格隆汇11月18日丨小熊电器(002959.SZ)在投资者互动平台表示，目前公司线下渠道销售占比不大。根 据业务发展需要，公司未来会择机考虑开设线下品牌专属实体旗舰店。 ...