从资金流向上来看，当日小家电板块主力资金净流出2.81亿元，游资资金净流入1.71亿元，散户资金净流 入1.1亿元。小家电板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002403 | 爰仕达 | 890.28万 | 3.59% | 683.97万 | 2.76% | -1574.24万 | -6.34% | | 603355 莱克电气 | | 728.13万 | 7.31% | 662.93万 | 6.66% | -1391.06万 | -13.97% | | 300272 开能健康 | | 590.34万 | 5.42% | 303.47万 | 2.79% | -893.81万 | -8.21% | | 001259 利仁科技 | | 289.89万 | 6.77% | -368.42万 | -8.60% | 78.53万 | 1.83% | | 002242 九阳股份 | | 22 ...

Core Viewpoint - Joyo's performance has been under pressure for four consecutive years, with a significant decline in both revenue and net profit, while its employee stock ownership plan remains profitable despite the overall downturn in stock price and performance [1][5][8]. Financial Performance - Joyo's revenue peaked in 2020 at 11.224 billion, with a net profit of 940 million, but has since declined, with 2024 figures showing revenue at 8.849 billion and net profit at 122 million [5]. - In the first half of 2025, Joyo reported revenue of 3.987 billion, a year-on-year decrease of 9.11%, and a net profit of 123 million, down 30.02% year-on-year [5]. - The company's gross margin fell from 32.05% in 2020 to 25.50% in 2024, while net margin dropped from 8.16% to 1.20% in the same period [6]. Market Competition - The small home appliance industry is highly competitive, which has contributed to Joyo's declining performance. Despite being a leading brand, Joyo's market share has not improved [6]. - Accounts receivable increased significantly from 212 million in 2020 to 1.078 billion in 2024, indicating potential issues with product sales [6]. Employee Stock Ownership Plan - Joyo's employee stock ownership plan was implemented in 2022, with a total of 12.9 million shares at a purchase price of 1 yuan per share, raising 129 million [8][9]. - The plan allows for half of the shares to be acquired at a price of 1 yuan, while the average repurchase price was 17.01 yuan, contributing to the plan's profitability [9][10]. - Participants in the plan are limited to senior management and core personnel, with a maximum of 45 participants [11][12]. Performance Assessment - The employee stock ownership plan has not met its performance targets, with the first unlock period failing to meet the required performance metrics, resulting in 320,000 shares not being unlocked [14]. - The second unlock period has 686,200 shares set to be unlocked, indicating some level of performance achievement [14].

图片来源：视觉中国 九阳股份的业绩为何持续下降？公司员工持股计划为何还能保持浮盈？接下来每经资本眼专栏记者就来 详细探究一番。 盈利水平持续下降 应收账款规模快速增长 最近四年，九阳股份的业绩一直处于下降趋势。2020年是九阳股份的高光之年，其营业收入达112.24亿 元，净利润为9.40亿元。然而，自2021年开始，公司的业绩持续下降，到了2024年，营业收入和净利润 分别为88.49亿元和1.22亿元。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 曾经营收超百亿元，如今业绩四连跌！"豆浆机第一股"股价最大跌幅超80%，员工持股计划却仍有浮 盈，怎么回事？ 上周末，"豆浆机第一股"九阳股份发布了2025年半年报，业绩继续承压，而2021年至2024年，公司业绩 已经连续四年出现下降。在业绩表现不佳的同时，九阳股份的股价也一路向下，最大跌幅超过80%。不 过，公司2022年推出的员工持股计划，却仍然处于浮盈状态。 购买价格仅1元/股 九阳股份的股价与其业绩表现基本一致。以前复权方式计算，2020年九阳股份的股价最高涨至42.88 元，2024年最低跌至8.53元，相较于2020年 ...

每经记者｜章光日 每经编辑｜陈柯名 吴永久 上周末，"豆浆机第一股"九阳股份发布了2025年半年报，业绩继续承压，而2021年至2024年，公司业绩已经连续四年出现下降。在业绩表现不佳的同时， 九阳股份的股价也一路向下，最大跌幅超过80%。不过，公司2022年推出的员工持股计划，却仍然处于浮盈状态。 图片来源：视觉中国 九阳股份的业绩为何持续下降？公司员工持股计划为何还能保持浮盈？接下来每经资本眼专栏记者就来详细探究一番。 九阳股份一直以来专注小家电产品的研发、生产和销售。九阳品牌主要涵盖豆浆机、破壁机、电饭煲、压力煲、电蒸锅、养生壶、空气炸锅、净水机、洗 地机、高速吹风机、烹饪锅具等产品，其中部分优势品类的市占率在行业内保持领先。 市场竞争激烈或为九阳股份业绩持续承压的主要原因。在2025年半年报中，九阳股份并未对业绩下降的原因进行详细说明，但提到"尽管公司所处的小家 电行业竞争激烈，但头部品牌市场集中度或将持续提升。"只是，从业绩表现来看，作为头部的九阳股份，其市场份额并未持续提升。 而九阳股份的盈利水平因行业竞争加剧而显著下滑。2020年，其毛利率和净利率分别为32.05%和8.16%；而到2024年， ...

证券研究报告 | 2025年09月01日 新宝股份（002705.SZ） 优于大市 2025 年中报点评：受关税扰动短暂承压，经营质量稳步提升 收入受关税扰动，经营质量有所优化。公司 2025H1 实现营收 78.0 亿/+1.0%， 归母净利润5.4亿/+22.8%，扣非归母净利润5.3亿/+8.3%。其中Q2收入39.7 亿/-6.6%，归母净利润 3.0 亿/+9.8%，扣非归母净利润 2.9 亿/+2.8%。公司 拟每 10 股中期分红 1.5 元，对应现金分红率为 22.3%。Q2 受关税影响，公 司收入增速转负，但公司积极降本增效、优化产品结构，盈利能力持续提升。 Q2 外销有所承压，公司积极布局海外产能。2025H1 公司外销收入同比增长 2.5%至 60.7 亿，其中 Q1/Q2 分别同比增长 15.8%/下降 7.7%。Q2 美国对中国 进口产品加征多轮关税，公司国内工厂向美国发货一度受阻，导致外销收入 出现下降；5 月 12 日中美达成暂缓关税的协议，预计公司对美出货快速恢复， 整体依然受小幅影响。公司在印尼稳步推进产能建设，已建设两个制造基地， 随着海外产能的稳步爬坡、关税政策的逐步明朗 ...

每经资本眼专栏记者研究发现，九阳股份员工持股计划之所以还能够保持浮盈状态，很重要的一个原因 在于，有一半的股份受让价格仅为1元/股。九阳股份第一期员工持股计划的股票来源有两个：一是通过 非交易过户方式受让公司回购的800万股股票，购买价格为1元/股，而相关公告显示，公司回购均价为 17.01元/股；二是通过集中竞价交易方式在二级市场累计买入公司股票800万股，成交总金额约为人民 币1.21亿元(不含交易费用)，据此计算，二级市场买入均价在15元/股左右。 上周末，"豆浆机第一股"九阳股份（002242）发布了2025年半年报，业绩继续承压，而2021年至2024 年，公司业绩已经连续四年出现下降。在业绩表现不佳的同时，九阳股份的股价也一路向下，最大跌幅 超过80%。不过，公司2022年推出的员工持股计划，却仍然处于浮盈状态。 从业绩表现来看，九阳股份的员工持股计划并未能够达到预期目的，其背后原因有哪些？第二个解锁期 为什么会有68.62万股被解锁？记者多次致电九阳股份年报上显示的董秘办电话，但始终未能接通。 全文请见："豆浆机第一股"业绩连跌四年！股价最大跌幅超80%，员工持股计划却仍有浮盈 ...

Core Viewpoint - Joyo's performance has been under pressure for four consecutive years, with a significant decline in both revenue and profit, while its employee stock ownership plan remains profitable despite the overall downturn in stock price and performance [1][2][4]. Financial Performance - Joyo's revenue peaked in 2020 at 11.224 billion yuan and net profit at 940 million yuan, but by 2024, revenue and net profit had dropped to 8.849 billion yuan and 122 million yuan respectively [2]. - In the first half of 2025, Joyo reported a revenue of 3.987 billion yuan, a year-on-year decrease of 9.11%, and a net profit of 123 million yuan, down 30.02% year-on-year [2]. - The company's gross margin and net margin have also declined from 32.05% and 8.16% in 2020 to 25.50% and 1.20% in 2024 respectively [3]. Market Competition - The small home appliance industry is highly competitive, which has contributed to Joyo's declining performance. Despite being a leading brand, Joyo's market share has not improved [3]. - Accounts receivable have increased significantly from 212 million yuan in 2020 to 1.078 billion yuan in 2024, indicating potential issues with product sales [3]. Employee Stock Ownership Plan - Joyo's employee stock ownership plan was implemented in 2022, with a total of 12.9 million shares at a price of 1 yuan per share for half of the shares, while the average repurchase price was 17.01 yuan per share [4][5]. - The plan is limited to senior executives and core management, with a maximum of 45 participants [6]. - The plan has performance assessment periods from 2022 to 2026, with a total of five unlock periods, each allowing for a 20% release of shares [9].

证券研究报告 | 半年报点评 gszqdatemark 2025 09 01 年 月 日 事件：公司发布 2025 年半年度报告。公司 2025H1 实现营业收入 39.9 亿元，同比-9.1%；实现归母净利润 1.2 亿元，同比-30.0%。 扣非归母净利润 1.9 亿元，同比-11.5%。单季度来看，2025Q2 实 现营收 19.9 亿元，同比-14.4%；归母净利润 0.2 亿元，同比-53.2%； 扣非归母净利润 0.8 亿元，同比-6.2%。 食品加工机&炊具有所增长，外销下滑较多。 调整后主营业务数据：1）分产品：25H1 食品加工机/营养煲/西式 电器分别实现营收 14.3/18.4/8.5 亿元，同比+13.6%/+4.7%/- 10.0% 。 毛 利 率 同 比 -0.4pct/-0.04pct/-0.2pct 至 33.5%/20.2%/27.0%。 2）分区域：25H1 境内/外业务分别实现营收 35.6/8.3 亿元，同比 +4.7%/-9.7%。毛利率同比+1.0pct/-3.8pct 至 31.3%/6.4%。 九阳股份（002242.SZ） 内销表现优于外销，盈利水平有待恢复 ...

Group 1 - The small home appliance sector experienced a decline of 1.38% on September 1, with Ecovacs leading the drop [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] - Key stocks in the small home appliance sector showed varied performance, with Xiaoxiong Electric rising by 5.76% to a closing price of 55.48 [1] Group 2 - Ecovacs saw a significant decline of 4.01%, closing at 93.00, with a trading volume of 97,900 shares and a turnover of 932 million yuan [2] - The small home appliance sector experienced a net outflow of 448 million yuan from main funds, while retail investors contributed a net inflow of 160 million yuan [2] - The trading data indicates that the sector is experiencing mixed investor sentiment, with some stocks like Xiaoxiong Electric performing well while others like Ecovacs are underperforming [2]

《2024Q4 业绩显著改善，罗曼智能或 赋能内外销增长 —公司信息更新报 告》-2025.4.10 | 日期 | 2025/8/29 | | --- | --- | | 当前股价(元) | 52.46 | | 一年最高最低(元) | 56.41/34.80 | | 总市值(亿元) | 82.38 | | 流通市值(亿元) | 79.58 | | 总股本(亿股) | 1.57 | | 流通股本(亿股) | 1.52 | | 近 3 个月换手率(%) | 78.56 | 股价走势图 -16% 0% 16% 32% 48% 64% 2024-09 2025-01 2025-05 小熊电器 沪深300 数据来源：聚源 相关研究报告 《2024Q3 罗曼智能并表致营收恢复， 盈利能力仍受内需竞争压力影响—公 司信息更新报告》-2024.11.1 家用电器/小家电 小熊电器（002959.SZ） 2025Q2 业绩高增兑现，外延并购罗曼智能收效显著 2025 年 09 月 01 日 投资评级：买入（维持） 《高基数+行业需求疲弱竞争激烈致 2024Q2 业绩仍承压，外销双位数增长 —公司信息更新报告》-2024.9.1 ...