Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9] Core Views - The company is expected to experience short-term performance recovery and long-term growth in its OEM share, despite facing temporary pressure on its Q2 2025 performance due to tariff disruptions [5][6] - The overseas production capacity is ramping up faster than peers, which is anticipated to support revenue recovery in the coming quarters [5][6] Financial Performance Summary - In Q1 2025, the company's revenue was 1.32 billion yuan, showing a year-on-year increase of 21.3%, while Q2 2025 revenue was 1.067 billion yuan, reflecting a modest year-on-year growth of 2.8% [5] - The net profit attributable to the parent company for Q1 2025 was 81 million yuan, down 5.0% year-on-year, and for Q2 2025, it was 30 million yuan, down 75.6% year-on-year [5] - The company has adjusted its profit forecasts for 2025-2027, now expecting net profits of 357 million, 454 million, and 551 million yuan respectively, with corresponding EPS of 0.96, 1.22, and 1.48 yuan [5][8] Business Segment Performance - In H1 2025, the revenue from the home appliance OEM business was 1.74 billion yuan, up 6.0% year-on-year, while the automotive parts revenue was 280 million yuan, up 90% year-on-year [6] - The home appliance OEM business faced challenges due to tariffs, particularly affecting orders from TTI and HOT, while SharkNinja maintained growth due to earlier capacity transfers [6] Margin Analysis - The gross margin for Q1 2025 was 15.8%, and for Q2 2025, it dropped to 12.3%, reflecting a year-on-year decline of 1.6 and 5.6 percentage points respectively [7] - The net profit margin for Q1 2025 was 8.1%, decreasing by 2.2 percentage points year-on-year, and for Q2 2025, it fell to 2.8%, down 9.0 percentage points year-on-year [7] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 18.3, 14.4, and 11.9 respectively [5][8] - The company’s total market capitalization is approximately 8.515 billion yuan, with a circulating market capitalization of the same amount [2]

2025 年 09 月 01 日 九阳股份(002242.SZ) Q2 外销有所承压，期待经营改善 事件：九阳股份公布 2025 年中报。公司 2025 年上半年实现收 入 39.9 亿元，YoY-9.1%，实现归母净利润 1.2 亿元，YoY-30.0%， 实现扣非后归母净利润 1.9 亿元，YoY-11.5%；经折算，Q2 单季 度实现收入 19.9 亿元，YoY-14.4%，实现归母净利润 0.2 亿元， YoY-53.2%,实现扣非后归母净利润 0.8 亿元，YoY-6.2%。我们认 为，Q2 九阳外销仍有所承压，影响整体收入表现，期待后续经营 改善弹性。 | 股价表现 | | --- | 资料来源：Wind 资讯 升幅% 1M 3M 12M 相对收益 -9.9 -12.0 -36.4 绝对收益 -1.6 4.6 0.8 余昆 分析师 SAC 执业证书编号：S1450521070002 yukun@essence.com.cn 陈伟浩 分析师 SAC 执业证书编号：S1450523050002 chenwh3@essence.com.cn 相关报告 -10% 0% 10% 20% 30% 2024-0 ...

Group 1 - The core viewpoint of the news is the performance and market position of Bear Electric, which saw a stock price increase of 5.13% to 55.15 CNY per share, with a total market capitalization of 8.661 billion CNY [1] - Bear Electric was established on March 16, 2006, and went public on August 23, 2019, focusing on the research, design, production, and sales of creative small home appliances [1] - The revenue composition of Bear Electric includes kitchen small appliances (66.02%), personal care small appliances (12.77%), lifestyle small appliances (8.09%), maternal and infant small appliances (5.73%), and other small appliances (5.35%) [1] Group 2 - According to data, one fund under Xinda Australia has Bear Electric as a top ten heavy stock, with the Xinda Consumer Preferred Mixed A Fund holding 22,100 shares, accounting for 4.73% of the fund's net value [2] - The Xinda Consumer Preferred Mixed A Fund was established on September 4, 2012, with a latest scale of 21.6843 million CNY, and has achieved a year-to-date return of 2.73% [2] - The fund manager, Liu Weihua, has been in position for 4 years and 204 days, with the fund's total asset scale at 433 million CNY [2]

Group 1 - The core viewpoint of the news is the performance and market position of Xiaoxiong Electric, which saw a stock price increase of 5.13% to 55.15 CNY per share, with a total market capitalization of 8.661 billion CNY [1] - Xiaoxiong Electric's main business involves the research, design, production, and sales of creative small home appliances, with revenue composition as follows: kitchen small appliances 66.02%, personal care small appliances 12.77%, life small appliances 8.09%, maternal and infant small appliances 5.73%, other small appliances 5.35%, and others 2.04% [1] Group 2 - From the perspective of major circulating shareholders, a fund under China Merchants Fund, specifically the China Merchants Quantitative Selected Stock A (001917), entered the top ten circulating shareholders of Xiaoxiong Electric in the second quarter, holding 1.1328 million shares, accounting for 0.75% of circulating shares [2] - The China Merchants Quantitative Selected Stock A fund has achieved a year-to-date return of 37.35% and a one-year return of 73.66%, ranking 744 out of 4223 and 928 out of 3780 respectively in its category [2] Group 3 - The fund manager of China Merchants Quantitative Selected Stock A is Wang Ping, who has a cumulative tenure of 15 years and 76 days, with the fund's total asset size at 16.687 billion CNY [3] - During Wang Ping's tenure, the best fund return was 253.36%, while the worst return was -70.6% [3]

Group 1 - The core viewpoint of the article is that Xiaoxiong Electric (SZ 002959) announced an investor survey scheduled for August 29, 2025, where the company's vice president and board secretary, Song Qin, will participate in addressing investor inquiries [1] - For the first half of 2025, Xiaoxiong Electric reported that its revenue composition is entirely from the small home appliance industry, with a 100.0% share [1]

| 序号 | 板块 | 涨跌幅(%)▼ | | 总成交量（万手） = 总成交额（亿元）▼ | 净流入 (亿元) ▼ | 上涨家数 | 下跌家数 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 高金属 | 7.12 | 845.52 | 151.47 | 20.88 | 11 | 0 | | 2 | 生物制品 | 2.67 | 542.53 | 169.82 | 8.02 | 43 | 11 | | 3 | 影视院线 | 2.29 | 843.68 | 60.90 | 4.11 | 16 | 4 | | ব | 工业金属 | 2.08 | 3710.95 | 376.62 | 22.42 | 43 | 15 | | 5 | 旅游及酒店 | 1.98 | 1074.34 | 99.71 | 6.89 | 31 | പ | | 6 | 包装印刷 | 1.92 | 722.81 | 79.45 | 3.26 | 37 | 7 | | 7 | 化学制药 | 1.91 | 2118.08 | 462.93 | 41.21 | 130 | ર્ટ | | ...

Group 1: Financial Performance - The company's revenue for the first half of 2025 increased significantly due to external demand stimulated by national subsidies, with the overall retail sales of kitchen small appliances in China reaching 31.9 billion yuan, a year-on-year increase of 9.3% [2] - The mother and baby product category saw a revenue growth of over 40% year-on-year in the first half of 2025, indicating strong market demand and successful product launches [3] Group 2: Strategic Initiatives - The establishment of a kitchen division aimed to enhance organizational efficiency and adjust product strategies, leading to higher average transaction values and a stronger presence in both traditional and emerging e-commerce [2] - Increased investment in research and development for mother and baby small appliances, with a focus on launching a series of popular products and enhancing brand image [3] Group 3: Market Expansion - The company plans to focus on overseas markets such as Europe, Southeast Asia, Japan, and South Korea, despite uncertainties in the U.S. market, viewing these regions as key growth paths [4][6] - The strategy includes a dual approach of promoting self-owned brands and cross-border e-commerce while also engaging in OEM partnerships with leading international brands [6] Group 4: Operational Improvements - The company aims to enhance its marketing capabilities and operational efficiency through a comprehensive digital transformation, focusing on user experience and product innovation [4][5] - Plans to optimize the existing product structure by reducing SKU numbers and concentrating on high-end flagship products to improve brand image and profitability [4]

Group 1: Real Estate Market - The domestic housing market has entered a downward trend since 2022, with average national housing prices dropping over 30% from their peak, and some cities experiencing declines exceeding 60% [3][4] - Factors contributing to the long-term decline in housing prices include an oversupply of housing, with 120 million vacant units available, and a decreasing demand from younger generations due to an aging population [3][4] - Many cities have housing prices that are detached from local residents' incomes, indicating a potential return to more reasonable price levels [4] Group 2: Automotive Market - The automotive market is experiencing a price reduction trend, with domestic mid-range cars seeing price cuts of 20,000-30,000 yuan and foreign luxury brands reducing prices by nearly 90,000 yuan [6] - The decline in car prices is driven by an oversupply in the market, with both fuel and new energy vehicles competing for market share [6][7] - The stagnation or decline in middle-class incomes has led to reduced demand for vehicle upgrades, further intensifying the price competition among automotive brands [7] Group 3: Small Appliances Market - The small appliances sector is undergoing a long-term adjustment, with significant price reductions for products like rice cookers and air fryers, which have seen prices drop from several thousand yuan to one or two thousand yuan [9] - The rapid technological advancements in the small appliances industry lead to frequent new product launches, causing older models to be discounted [9] - A slowdown in income growth has resulted in decreased demand for small appliances, while e-commerce and live-streaming sales are driving prices below market rates, forcing traditional retailers to follow suit [9] Group 4: Pork Market - Pork prices have significantly decreased, dropping from 35-40 yuan per jin in 2020 to 16-17 yuan per jin currently, indicating a price halving [11] - The decline in pork prices is attributed to an oversupply in the market due to increased participation in pig farming, as well as a shift in consumer preference towards lower-fat meats [11]

Investment Rating - The investment rating for the company is "Accumulate" [4][7]. Core Views - The company reported a revenue of 2.07 billion yuan in H1 2025, representing a year-on-year increase of 11.0%, but the net profit attributable to shareholders decreased by 46.5% to 110 million yuan [1]. - The small home appliances and automotive parts segments showed strong performance, with the automotive parts business achieving a revenue increase of 89.9% year-on-year in H1 2025 [2]. - The gross margin and net margin have declined due to U.S. tariff policies and price pressures in the home appliance industry, with gross margins at 14.0% and 12.3% for H1 and Q2 2025, respectively [3]. Financial Performance - In H1 2025, the home appliance segment generated 1.74 billion yuan in revenue, a 6.0% increase year-on-year, while the small appliance sales increased by 19.8% to 810 million yuan [2]. - The company expects gradual recovery in profitability due to strong overseas demand and the release of new production capacity in Vietnam [3]. - The profit forecast for 2025-2027 has been adjusted, with net profits projected at 410 million, 520 million, and 646 million yuan, reflecting growth rates of 0.8%, 25.6%, and 24.2%, respectively [4].

公司披露25 年中报：实现营业总收入78.02 亿元，同比+1.03%，归母净利5.43 亿元，同比+22.79%，其 中，25Q2 在美国加征关税影响下，营收同比-6.6%，归母净利同比+9.84%。短期来看，关税带来阶段 性冲击；长期来看，公司作为小家电出口龙头，凭借产品策划、工业设计、技术创新及快速量产的体系 化能力，具备较强的外销韧性和客户黏性。现金流方面保持稳健（经营性现金流同比+27%），并首次 实施中期分红（每股0.15 元），年初启动股份回购（比例0.783%），体现出良好的盈利质量与股东回 报意愿。维持"买入"评级。 25H1 公司综合毛利率为22.08%，同比+0.32pct。其中，25Q2 毛利率同比+0.12pct。一方面，公司通过 技术创新、生产效率提升等降本增效措施，强化整体盈利能力， 另一方面， 25H1 海外/ 国内毛利率分 别同比+0.66pct/-0.59pct，仍反映出公司外销较强的业务体系化能力以及国内市场的竞争压力。 内销业务：结构性分化明显 期间费用率相对稳定，归母净利润率同比明显提升25H1 公司整体期间费用率同比+0.18pct。其中，其 中销售/管理/研发/财 ...