Group 1 - The small home appliance sector experienced a decline of 0.64% on August 28, with Fujia Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Group 2 - On the same day, the small home appliance sector saw a net outflow of 284 million yuan from institutional investors, while retail investors contributed a net inflow of 152 million yuan [2] - The table provided shows the net inflow and outflow of funds for various companies within the small home appliance sector, highlighting significant movements in Fujia Co., Ltd., Xiaoxiong Electric, and Supor [2]

Investment Rating - The report maintains a "Buy" investment rating for Xinbao Co., Ltd. (002705) [6] Core Insights - Xinbao Co., Ltd. reported better-than-expected performance in H1 2025, with total revenue reaching 7.802 billion yuan, a year-on-year increase of 1%, and net profit attributable to shareholders of 543 million yuan, up 23% year-on-year [6] - The company continues to see growth in overseas orders despite challenges from tariffs in North America, with foreign sales reaching 6.07 billion yuan, a 2% increase year-on-year [6] - The company is expanding its product lines into commercial appliances and personal care products, which are expected to drive future growth [6] Financial Data and Earnings Forecast - Total revenue forecast for 2025 is 17.851 billion yuan, with a year-on-year growth rate of 6.1% [5] - Net profit attributable to shareholders is projected to be 1.146 billion yuan in 2025, reflecting an 8.8% year-on-year increase [5] - The company’s gross margin for H1 2025 was stable at 21.49%, with a slight increase of 0.06 percentage points year-on-year [6] - Earnings per share for 2025 is estimated at 1.41 yuan, with a projected price-to-earnings ratio of 12 times [6]

证券研究报告 | 半年报点评 gszqdatemark 2025 08 28 年 月 日 新宝股份（002705.SZ） 业绩超预期，Q2 外销虽有承压但盈利水平提升 -10% 2% 14% 26% 38% 50% 2024-08 2024-12 2025-04 2025-08 新宝股份 沪深300 事件：公司发布 2025 年半年报。公司 25H1 实现营业总收入 78.0 亿 元，同比+1.0%；实现归母净利润 5.4 亿元，同比+22.8%；扣非归母 净利润 5.3 亿元，同比+8.3%。25Q2 单季营业总收入为 39.7 亿元， 同比-6.6%；归母净利润为 3.0 亿元，同比+9.8%；扣非归母净利润 2.9 亿元，同比+2.8%。 Q2 内外销均有下滑。分区域来看，25H1 公司国外、国内收入分别为 60.7 亿元、17.3 亿元，同比+2.5%、-3.8%。其中 25Q2 公司国外、 国内收入同比-7.7%、-2.6%。分产品来看，25H1 公司厨房电器、家具 电器、其他产品、其他业务收入分别为 52.8 亿元、14.7 亿元、9.0 亿 元、1.6 亿元，同比分别-1.3%、+12.7%、- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance exceeded expectations despite revenue falling short, with a 1% year-on-year increase in revenue for H1 2025, reaching 78.02 billion yuan, and a 23% increase in net profit attributable to shareholders, totaling 5.43 billion yuan [7] - The company continues to see growth in overseas orders, with a 2% year-on-year increase in external sales, amounting to 60.7 billion yuan, while domestic sales decreased by 4% to 17.3 billion yuan [7] - The company has established an appliance research institute to expand into new product categories, including commercial machines and personal care products, which is expected to drive future growth [7] - The gross margin remained stable at 21.49% for H1 2025, with financial expenses impacted by exchange rate fluctuations [7] - The profit forecast for 2025-2027 has been slightly adjusted downwards, with expected net profits of 11.46 billion yuan, 12.30 billion yuan, and 13.25 billion yuan, reflecting year-on-year growth rates of 8.8%, 7.4%, and 7.7% respectively [7] Financial Data and Earnings Forecast - Total revenue for 2025 is estimated at 17,851 million yuan, with a year-on-year growth rate of 6.1% [6] - The net profit attributable to shareholders for 2025 is projected to be 1,146 million yuan, representing an 8.8% increase [6] - Earnings per share for 2025 is expected to be 1.41 yuan [6] - The company's return on equity (ROE) for 2025 is forecasted at 12.7% [6]

Investment Rating - The investment rating for the company is maintained at "Buy-A" with a target price of 21.27 CNY for the next six months [5]. Core Views - The company reported a revenue of 7.8 billion CNY for the first half of 2025, reflecting a year-on-year increase of 1.0%, and a net profit attributable to shareholders of 540 million CNY, up 22.8% year-on-year [1]. - The second quarter saw a revenue of 3.97 billion CNY, down 6.6% year-on-year, while the net profit for the same period was 300 million CNY, an increase of 9.8% year-on-year. The revenue decline was attributed to overseas tariff policies, but the company improved its profitability through cost reduction and efficiency enhancement [1][2]. - The company is positioned as a leading exporter of Western-style small home appliances in China, with ongoing product launches and channel expansions expected to benefit from domestic appliance replacement subsidy policies [4]. Summary by Sections Financial Performance - In Q2, the company's gross profit margin improved by 0.1 percentage points year-on-year, driven by domestic sales subsidy policies that enhanced the product mix [3]. - The net profit margin for Q2 was 7.5%, an increase of 1.1 percentage points year-on-year [3]. - Operating cash flow showed a net outflow of 120 million CNY in Q2, compared to a net inflow of 270 million CNY in the same period last year, primarily due to increased cash payments for goods and services [3]. Sales Performance - Q2 external sales revenue decreased by 7.7% year-on-year, influenced by U.S. tariff policies, while internal sales revenue fell by 2.6%, a significant improvement from a 4.9% decline in Q1 [2]. - The company anticipates that as production capacity in Indonesia gradually increases, the pressure from overseas tariffs will ease, and domestic demand for small home appliances will continue to improve due to ongoing subsidies [2]. Future Outlook - The company forecasts earnings per share (EPS) of 1.42 CNY, 1.63 CNY, and 1.88 CNY for 2025, 2026, and 2027, respectively [4]. - The projected price-to-earnings (PE) ratio for 2025 is 15 times, indicating a favorable valuation compared to the expected growth in earnings [4].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a significant revenue increase of 34.5% year-on-year for H1 2025, reaching 1.16 billion yuan, although net profit decreased by 21.0% to 50 million yuan [1][2] - The growth in revenue is primarily attributed to an increase in order volume, with domestic sales showing a remarkable growth of 532.8% year-on-year [2] - Despite the revenue growth, the company's profitability remains under pressure, with a gross margin decline of 2.5 percentage points to 14.4% in H1 2025 [2] Financial Performance Summary - **Revenue Breakdown**: In H1 2025, revenue from air fryers and ovens was 980 million yuan (+25.6%), coffee machines 50 million yuan (-6.4%), and environmental appliances 10 million yuan (+405.8%) [2] - **Profitability Metrics**: The net profit margin for H1 2025 was 4.3%, down 3.4 percentage points year-on-year, while the net profit for Q2 2025 was 40 million yuan, a decrease of 33.1% [2] - **Expense Ratios**: The selling, general, and administrative expenses increased, with sales expenses at 2.8%, management expenses at 3.5%, and R&D expenses at 2.7% [2] Earnings Forecast and Investment Advice - The earnings forecast for 2025-2027 has been adjusted, with expected net profits of 138 million yuan in 2025, 166 million yuan in 2026, and 195 million yuan in 2027, reflecting a year-on-year change of -1.3%, +20.4%, and +17.7% respectively [2]

Core Insights - 德尔玛 reported a revenue of 1.686 billion yuan for the first half of 2025, representing a year-on-year growth of 3.99%, and a net profit of 68.68 million yuan, up 1.08% year-on-year [1] - The company is transitioning from incremental competition to stock competition in the small home appliance industry, focusing on product innovation, smart manufacturing upgrades, and deepening overseas channels to build long-term growth resilience [1] Product Development - 德尔玛 is focusing on core segments and advantageous categories, enhancing its product matrix based on consumer demand, and increasing R&D investment to ensure technological innovation [1] - In the first half of 2025, R&D investment reached 91.27 million yuan, a year-on-year increase of 5.35% [1] - The "德尔玛" brand is deepening its presence in the home environment sector, achieving revenue of 677 million yuan in this category, a growth of 3.30% year-on-year [1] - The company launched a new all-in-one vacuum cleaner equipped with an "AI Smart Eye" system and upgraded various product lines, including vacuum cleaners and mite removal devices [1] Market Performance - 飞利浦 brand entered high-potential segments, achieving revenue of 657 million yuan in water health products, a year-on-year growth of 13.67%, and 342 million yuan in personal health products [2] - The optimization of the water health product structure led to a 5.63 percentage point increase in gross margin year-on-year [2] - 飞利浦's new water health products utilize fourth-generation all-domain ice-making technology, ensuring a comprehensive safety guarantee for water purification and ice output [2] Smart Manufacturing - 德尔玛 is enhancing production capabilities through digital transformation, with smart manufacturing bases improving order scheduling, material inspection, process control, quality monitoring, and transparency in management [2] - The new smart manufacturing bases will further strengthen the company's self-production capabilities and core component supply [2] Global Expansion - 德尔玛 is accelerating global expansion through product customization, localized channel development, and international e-commerce efforts, achieving significant performance in emerging markets like Russia, the Philippines, Vietnam, and Indonesia [3] - The company aims to maintain focus on home environment, water health, and personal health sectors, supported by differentiated innovation, global channels, and digital manufacturing [3]

8月27日晚间，德尔玛(301332)发布2025年半年度报告。报告期内，公司实现营业收入16.86亿元，同比 增长3.99%;实现归母净利润6868.06万元，同比增长1.08%。 当前小家电行业正由增量竞争转向存量博弈的新周期，德尔玛通过创新产品功能、提升开发效率、增强 生产能力等，夯实自身核心竞争力，同时进一步深耕境外渠道，稳步推进品牌出海，构筑穿越周期的长 期增长曲线。 产品矩阵持续扩容，行业认证强势加持 2025年上半年，德尔玛在产品上聚焦核心赛道和优势品类，围绕旗舰产品构建更为丰富的产品矩阵，以 消费者需求为中心进行研发和产品创新，全面提升企业产品竞争力。上半年，公司研发投入9126.61万 元，同比增长5.35%，为公司技术创新提供充足资金支持。 凭借产品创新和迭代能力，公司「德尔玛」品牌深耕家居环境领域，以「飞利浦」品牌高势能切入水健 康、个护健康两大高潜力赛道，最大化品牌间战略协同效应，形成差异化定位与客群互补，不断巩固细 分市场竞争力。 今年6月，飞利浦冰境系列产品ADD8600获颁带制冰功能净水机5星级等级认证证书(备注：家电研究院 颁发)，成为行业内首批通过此项认证的国际品牌。2025 ...

Core Viewpoint - The report highlights that Guangdong Derma Technology Co., Ltd. is transitioning from incremental competition to stock game in the small home appliance industry, focusing on product innovation and enhancing production capabilities to ensure long-term growth [1][3]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.686 billion yuan, a year-on-year increase of 3.99% [1]. - The net profit attributable to shareholders reached 68.68 million yuan, reflecting a year-on-year growth of 1.08% [1]. Product Development and Innovation - Derma is concentrating on core segments and advantageous categories, enhancing its product matrix centered around flagship products, with R&D investment amounting to 91.27 million yuan, up 5.35% year-on-year [1][2]. - The company launched a new all-in-one sweeping machine featuring the "AI Smart Eye" system, and upgraded various cleaning products, enriching its flagship product matrix [2]. Market Performance - Revenue from home environment products reached 677 million yuan, growing by 3.30% [2]. - Philips water health products generated 657 million yuan in revenue, marking a 13.67% increase, while personal care products achieved 342 million yuan [2]. Manufacturing and Global Expansion - The smart manufacturing base is set to partially commence operations in 2024, enhancing the company's digital factory capabilities and overall manufacturing efficiency [2]. - Derma is expanding its global presence through customized products, localized channels, and international e-commerce, leading in markets like Russia, the Philippines, Vietnam, and Indonesia [2]. Future Outlook - The company plans to continue focusing on home environment, water health, and personal care as core segments, leveraging differentiated innovation, global channels, and digital manufacturing to strengthen long-term growth certainty [3].

Core Viewpoint - Delmar's 2025 semi-annual report indicates a modest growth in revenue and net profit, reflecting the company's strategic shift from incremental competition to stock competition in the small home appliance industry [1] Group 1: Financial Performance - The company achieved a revenue of 1.686 billion yuan, representing a year-on-year growth of 3.99% [1] - The net profit attributable to shareholders reached 68.68 million yuan, with a year-on-year increase of 1.08% [1] Group 2: Product Development and Innovation - Delmar focused on core segments and advantageous categories, expanding its product matrix centered around flagship products, with R&D investment of 91.27 million yuan, up 5.35% year-on-year [2] - The home environment product segment generated revenue of 677 million yuan, growing by 3.30% [2] - The water health product segment achieved revenue of 657 million yuan, with a significant year-on-year growth of 13.67% [3] - The company introduced a new all-in-one sweeping machine featuring an "AI Smart Eye" system, enhancing its product offerings [2] Group 3: Market Position and Strategy - Delmar is enhancing its global market presence through customized products, localized channels, and international e-commerce, leading in several emerging markets [4] - The company has been recognized for its innovative water health products, with the Philips ice-making series receiving a five-star certification, positioning it favorably in the market [3] Group 4: Future Outlook - The company plans to continue focusing on three core segments: home environment, water health, and personal health, leveraging differentiated innovation, global channels, and digital manufacturing to ensure long-term growth [5]