Core Viewpoint - The article discusses the collaborative efforts of various stakeholders to help foreign trade enterprises expand into the domestic market, enhancing their resilience against external uncertainties and improving their overall development certainty [1][3]. Group 1: Market Expansion Strategies - Foreign trade enterprises are adjusting their product direction to cater to domestic market demands, with a focus on optimizing financial services to support their transition [1][3]. - Companies like Xinbao Co., which has a significant portion of its sales from exports, are successfully leveraging e-commerce platforms to boost domestic sales, as seen during the Tmall "618" shopping festival [1][2]. - The domestic small home appliance market is expected to grow significantly, with companies planning to launch new products by 2025 [2]. Group 2: Government and Policy Support - The Ministry of Commerce is actively promoting the integration of domestic and foreign trade, providing support to foreign trade enterprises to help them navigate external challenges [3][4]. - Local governments are implementing policies to support foreign trade enterprises, such as including foreign trade products in consumption upgrade programs and organizing promotional events [4][5]. - E-commerce platforms are playing a crucial role in assisting foreign trade enterprises by providing financial support and facilitating their entry into the domestic market [5][6]. Group 3: Challenges and Recommendations - Foreign trade enterprises face challenges in adapting their products to meet domestic market needs, which may require significant time and resources [6][7]. - There is a need for enhanced financing support for foreign trade enterprises, particularly for small and medium-sized businesses, to help them manage the transition [7]. - Establishing communication platforms to connect foreign trade enterprises with domestic distribution channels is essential to reduce information gaps and facilitate market entry [7].

Core Viewpoint - Guangdong listed companies are accelerating their globalization strategies, with an increasing number of firms expanding their presence in overseas markets to strengthen their positions in global supply chains [1][2]. Group 1: Company Developments - EVE Energy has submitted an application for issuing H-shares and listing on the Hong Kong Stock Exchange, aiming to enhance its international delivery capabilities and global customer service levels [1]. - EVE Energy has established eight production bases globally, with two more under construction, and has sales offices in seven countries and regions, with after-sales service networks covering 18 countries [1]. - New Bao Co., Ltd. achieved a revenue of approximately 38.34 billion yuan in Q1 2024, with overseas market revenue reaching about 29.72 billion yuan, reflecting a year-on-year growth of approximately 15.77% [2]. - Yizumi has expanded its international strategy, with a revenue of 50.63 billion yuan in 2024, a year-on-year increase of 23.61%, and overseas revenue of 13.95 billion yuan, growing by 27.54% [3]. Group 2: Strategic Initiatives - EVE Energy plans to use part of the funds raised from its IPO for the construction of a production base in Hungary, which is expected to have a capacity of 30GWh for power batteries by 2027 [3]. - EVE Energy will also invest in the third phase of its production base in Malaysia, focusing on new energy storage lithium-ion batteries with an annual production capacity of approximately 38GWh [3]. - New Bao Co., Ltd. is enhancing its supply chain by expanding its manufacturing base in Indonesia, with a recent investment of 5 million USD to boost production capacity [4]. - Yizumi aims to strengthen its global presence by increasing localization efforts and developing key industries, supported by the establishment of technology service centers in Brazil and Thailand [4].

2025年下半年，中国经济面临通缩压力，这将引发四类主要商品的降价潮，为消费者带来实惠。让我们深入探讨这波降价潮背后的原因和影响。 一、猪肉价格持续走低：亲民价时代的来临 今年猪肉价格一路下探，已从最高峰的30多元/斤跌至16-17元/斤，并预计仍有下调空间。这主要源于两个因素：首先，养猪行业竞争激烈，供过于求的市场 现状导致价格下跌。其次，现代人越来越注重健康饮食，猪肉的高脂肪含量使其在肉类消费市场中逐渐被鸡肉、牛肉、鱼肉等替代，进一步压低了猪肉价 格。这对于普通民众而言无疑是好消息，降低了生活成本支出。 五、通缩背景下的消费市场：机遇与挑战并存 2025年中国经济进入通缩周期，居民消费价格指数（CPI）同比下降0.1%。居民收入下降、消费需求萎缩是导致通缩的主要原因。人们对未来收入增长预期 谨慎，消费意愿低迷，进一步加剧了市场低迷。 然而，这波通缩也为消费者带来了机遇：房价、汽车、家电、猪肉等商品价格下降，提高了居民的购买 力，改善了生活品质。但同时，我们也需要关注通缩对经济长期发展的影响，寻找平衡点以促进可持续的经济增长。 " 三、汽车市场价格战白热化：新能源冲击与市场竞争加剧 2025年，汽车市场陷入 ...

Core Perspective - The transformation of Bear Electric (002959) from a small appliance manufacturer to a lifestyle brand exemplifies a significant shift in consumer demand from product functionality to experiential living [1][7] Group 1: Brand Transformation - Bear Electric's shift involves a comprehensive redefinition of brand value, focusing on providing complete lifestyle solutions rather than isolated product functionalities [2] - The company emphasizes user-centric solutions, moving from merely selling appliances to offering integrated experiences that fulfill broader lifestyle needs [3][4] Group 2: Product Innovation - The introduction of eight scenario-based solutions at AWE, such as the "Vital Breakfast" and "Exquisite Care," illustrates Bear Electric's commitment to creating convenient and enjoyable user experiences [3] - The company has developed a range of products that address various daily needs, allowing users to manage tasks efficiently and focus on enjoying life [4] Group 3: Research and Development - Bear Electric has established an agile system that connects user insights directly to product development, enhancing innovation and responsiveness to consumer needs [5][6] - The company boasts a robust R&D team of nearly 600 professionals, with significant investments in innovation, including a 36.48% year-on-year increase in R&D expenditure for 2024 [6] Group 4: Competitive Advantage - The transition to a lifestyle brand highlights that true competitive strength lies in understanding and integrating into consumer lifestyles, rather than merely relying on scale or cost advantages [7]

Core Viewpoint - The report outlines the issuance of convertible bonds by Bear Electric Appliance Co., Ltd., detailing the bond's terms, the company's financial performance, and the management of the raised funds. Group 1: Bond Issuance Details - The total amount of the convertible bonds issued is RMB 536 million, with a face value of RMB 100 per bond, and a total of 5.36 million bonds issued [6][4] - The bonds have a maturity period of 6 years, with interest rates starting at 0.40% in the first year and increasing to 3.00% in the sixth year [6][7] - The initial conversion price for the bonds is set at RMB 55.23 per share [8] Group 2: Financial Performance - In 2024, the company achieved operating revenue of RMB 475.83 million, a year-on-year increase of 0.98% [21][22] - The net profit for 2024 was RMB 30.61 million, a decrease of 31.26% compared to the previous year, primarily due to changes in customer demand and increased competition [21][22] - The company's total assets as of the end of 2024 were RMB 615.36 million, reflecting a 14.25% increase from the previous year [22][24] Group 3: Fund Management and Usage - The company has established a special account for managing the raised funds, ensuring compliance with regulations and proper oversight [26][27] - As of December 31, 2024, the remaining balance of the raised funds was RMB 72.79 million, with no funds invested in time deposits [29][31] - The company has invested a total of RMB 468.99 million from the raised funds, with a reported interest income from bank deposits of RMB 14.31 million [29][31]

行 业 及 产 业 家用电器/ 小家电 2025 年 06 月 27 日 清洁电器 618 受益以旧换新表现亮 眼，高性价比机型仍为首选 看好 ——清洁电器 618 数据解读 相关研究 证 券 研 究 报 告 证券分析师 行 业 研 究 / 刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120003 liujl@swsresearch.com 联系人 程恺雯 (8621)23297818× chengkw@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 本期投资提示： ⚫ 风险提示：政策落地不及预期风险，原材料价格波动风险；汇率波动风险。 请务必仔细阅读正文之后的各项信息披露与声明 行 业 点 评 - ⚫ 清洁电器 618 表现亮眼，受益国补以旧换新。根据奥维云网数据，清洁电器在家电各 品类中 618 销售表现亮眼，扫地机等主要品类实现销额双位数增长，2025 年 5 月 12 日至 6 月 22 日（W20-W25）扫地机线上销额达到 33 亿元，同比+27%，销量 96.7 万台，同比+35%，均价 3415 ...

Core Viewpoint - Tianji Co., Ltd. has gained significant attention in the capital market due to a substantial increase in its stock price, which has risen 33% over three days, reaching 11.44 CNY per share from 8.59 CNY [1] Group 1: Stock Performance - On June 26, Tianji Co., Ltd. experienced a stock price surge, achieving a three-day consecutive limit-up [1] - The stock price increase was attributed to the company's announcement regarding abnormal trading fluctuations, with a cumulative price deviation exceeding 20% over three trading days [1] Group 2: Business Overview - Tianji Co., Ltd. primarily engages in the production of lithium hexafluorophosphate and related fluorochemical products, sodium phosphinate, and small household appliances, with lithium hexafluorophosphate accounting for 65.94% of its main products [2] - The company has faced a decline in revenue, reporting 2.055 billion CNY in 2024, a decrease of 6.32% year-on-year, and a significant net loss of 1.361 billion CNY, compared to a profit of 37 million CNY in 2023 [2] Group 3: Financial Challenges - The company's losses were primarily due to intense market competition and a significant decline in the price of lithium hexafluorophosphate, along with goodwill impairment affecting profitability [2] - Tianji Co., Ltd. recorded a goodwill impairment of 985 million CNY in 2024, following a 2.7 billion CNY acquisition in 2016, which resulted in a goodwill of 2.319 billion CNY [2] Group 4: Recent Developments - As of the first quarter of 2025, the company still holds 727 million CNY in goodwill [3] - Despite ongoing losses, the company has shown signs of improvement, with a revenue of 518 million CNY in Q1 2025, reflecting a year-on-year growth of 16.28%, and a reduced net loss of 22 million CNY, a 77.15% decrease in losses compared to the previous year [3] - The net cash outflow from operating activities improved significantly, decreasing by nearly 70% compared to the same period in 2024 [3]

摘要 二季度受美国关税政策影响，公司出口订单受到冲击，尤其在 4 月初至 5 月中旬。虽然后期有所缓解，但关税问题未最终解决，产业链和业务 端仍存不确定性，目前接单平稳，未出现二次抢出口现象。 印尼基地二期建设虽遇挑战，但整体推进顺利。该基地定位为涵盖更多 品类和更大规模的生产，短期内难以完全达到预期，但公司正努力解决 实际问题，以提升运营效率。 国内小家电市场受益于国家补贴政策，一季度零售市场有所改善。但不 同品牌受益程度不同，如百胜图咖啡机因渠道单一性受益明显，而摩飞 因渠道完整性，受到的促进作用相对较小。 面对美国对钢铁制品小家电征收附加关税，公司未来可能更多依赖东南 亚地区（如印尼基地）出口，以规避高额关税风险，优化资源配置，稳 定企业发展。 2025 年各平台费用政策变化明显，公司对高费用渠道（如抖音）保持 谨慎，强调经营质量改善。摩飞品牌将在新兴市场适度加大推广投入， 但整体费用端影响不大。 Q&A 泡泡玛特进入小家电行业对市场的影响如何？ 新宝股份 20260626 小家电行业与消费者的生活品质追求密切相关，从早期偏功能性的产品逐步演 化为年轻化、个性化和体验感强的方向。新兴消费业态和具有影响力 ...

荣电集团是中国小家电行业领军企业之一，计划在镇建设中国钛谷（镇江）智能家居制造基地项 目。徐曙海拜会了荣电集团副总裁黄荣发、董事长助理侯皓铎，感谢荣电集团给予镇江的信任和支持， 希望企业加快推动合作项目建设，继续深耕镇江、推介镇江，带动更多产业链上下游企业落户、项目落 地，携手共创更加美好未来。黄荣发、侯皓铎高度评价了镇江的营商环境，表示将努力建好在镇项目， 深化智能制造领域合作，力争取得更多成果，更好助力镇江高质量发展。 在深圳期间，徐曙海还拜会了中桥集团有限公司董事长王琦、广东博工医疗科技有限公司董事长刘 照强、中山科隆汽车动力科技有限公司总经理钟金良、李长荣集团中华区首席代表江介文等，就进一步 加强合作深入交流。市委常委、常务副市长张克拜访了中集车辆（集团）股份有限公司、班度科技（深 圳）有限公司等企业，就加快项目建设、深化务实合作等沟通对接。 发展是硬道理，项目是硬支撑。6月21日下午，市政府召开全市项目招引暨冲刺"双过半"工作视频 会。徐曙海强调，各地区各相关部门要锚定目标、加压奋进，牢固树立项目为王的理念抓好招商引资， 始终保持攻坚克难的劲头确保经济增速超省均，集中精力抓项目、拼经济、促发展，全力 ...

Core Viewpoint - The recent IPOs of Cao Cao Mobility and Xiangjiang Electric have not maintained the strong momentum seen in the Hong Kong IPO market, with both companies experiencing significant declines in their stock prices shortly after listing [1][7]. Group 1: Company Performance - Cao Cao Mobility's shares were priced at HKD 41.94 and fell by 14.16% to close at HKD 36.00, while Xiangjiang Electric's shares were priced at HKD 2.86 and dropped by 11.89% to close at HKD 2.52 [1][3]. - The total market capitalization for Cao Cao Mobility approached HKD 20 billion, while Xiangjiang Electric's market cap was around HKD 700 million [7]. - Prior to their public offerings, both companies showed signs of weak demand, with Cao Cao Mobility's institutional subscription rate at 2.78 times and Xiangjiang Electric's at just 1.08 times [10][11]. Group 2: Company Background - Cao Cao Mobility, founded in 2015, is a strategic investment of Geely Holding Group in the "new energy vehicle sharing ecosystem" and has become a significant player in China's ride-hailing market [4]. - As of 2024, Cao Cao Mobility operates in 136 cities with a total Gross Transaction Value (GTV) of RMB 17 billion, representing a year-on-year growth of 38.8% and a market share of 5.4% [4]. - Xiangjiang Electric is known for kitchen small appliances and has a market share of 0.8% in the Chinese kitchen small appliance industry, with significant exports to North America [6]. Group 3: Future Prospects - Cao Cao Mobility is collaborating with Geely Group to develop a custom vehicle for Robotaxi services, expected to launch by the end of 2026, which will include pre-installed autonomous driving components [5][6]. - The company plans to leverage its relationship with Geely to deploy vehicles at scale without significant upfront investment, enhancing its competitive edge in the ride-hailing industry [6].