Summary of Beiding Co. Conference Call Company Overview - **Company**: Beiding Co. (北鼎股份) - **Date**: August 13, 2025 Key Points Industry and Market Performance - Beiding Co. benefited from a low base last year, internal optimizations, and the "old-for-new" policy, leading to significant growth in the domestic market [2][3] - Domestic revenue for the self-owned brand increased by 48.4% year-on-year, driven by low previous year base, ongoing internal optimizations, and promotional policies [3][4] - Overseas business saw a slight growth of 0.71% despite international trade barriers and geopolitical uncertainties [2][3] - OEM and ODM business revenue grew by 2% year-on-year, demonstrating resilience amid external uncertainties [2][3] Strategic Initiatives - The company is increasing SKU variety and embracing differentiated channels (e.g., Sam's Club, JD.com, Douyin) to meet diverse consumer needs and enhance market competitiveness [2][3][6] - Beiding has split its product creation organization into three independent teams focusing on appliances, cups, and cooking tools to improve specialized operations [2][7] - A restrained sales expense strategy is being adopted, exploring differentiated promotional tactics rather than fixed budgets [2][9] Future Outlook and Challenges - The company is preparing for potential impacts from the suspension of national subsidy policies, emphasizing internal efforts to maintain performance [4][5] - Beiding is testing price and promotional expense relationships to find optimal strategies for different product categories and price points [5] - The company plans to continue launching new products in 2025, focusing on core categories and exploring new categories [11][13] Channel Strategy - Beiding prioritizes channels based on optimal input-output ratios, focusing on high-efficiency platforms like JD.com, Sam's Club, and Douyin, while also exploring previously underutilized channels [10] - The company is adopting a stable strategy in overseas markets, primarily targeting North America and covering Chinese communities through distributors [15][17] Competitive Landscape - In overseas markets, competition is relatively low among Chinese brands, but there are strong local competitors in various countries [16] - Beiding does not plan to increase overseas production capacity in the short term, focusing instead on maintaining existing operations [18] Innovation and Product Development - The company is not explicitly prioritizing smart products but is open to using technology to address consumer pain points [22] - Independent teams are established for different product categories to ensure tailored development and faster iteration [21] Risk Management - Beiding is prepared for external uncertainties by continuously optimizing operations and strategies to enhance resilience [23] Conclusion - Beiding Co. is strategically positioned to navigate market challenges and capitalize on growth opportunities through internal optimizations, diversified product offerings, and a focus on consumer needs. The company aims to maintain a robust performance despite potential external pressures.

Group 1 - Shenzhen leverages its research strengths and industrial foundation to drive industrial upgrades through technological innovation, injecting vitality into high-quality economic development [1] - Traditional industries in Shenzhen are revitalizing through "smart transformation and digital upgrade," with one small home appliance manufacturer completing 8 automated production lines, resulting in nearly a 50% increase in average production efficiency [3] - Shenzhen's industrial technology transformation investment has grown by 47.1%, leading to the establishment of 2 global "lighthouse factories" and 7 national-level intelligent manufacturing demonstration factories [3] Group 2 - Shenzhen has launched an action plan for embodied intelligent robotics technology innovation and industrial development, focusing on AI chips and bionic dexterous hands, providing over 200 million yuan in "training vouchers" to more than 40 related companies [5] - The National Third Generation Semiconductor Technology Innovation Center in Longgang has validated over 120 domestic devices focused on power chip R&D, production, and testing, filling the service gap between laboratory research and product mass production [5] - Shenzhen has gathered over 2,600 artificial intelligence companies and more than 120 companies related to brain science and brain-machine engineering, accelerating the layout of future industries while consolidating existing industrial foundations [7]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 6610Z8 | 倍益康 | 47.34 | 6.53% | 8.60万 | 3.89亿 | | 301187 | 欧圣电气 | 34.69 | 2.91% | 10.43万 | 3.56亿 | | 002705 | 新宝股份 | 15.95 | 1.98% | 11.98万 | 2006"T | | 002005 | ST德豪 | 2.81 | 1.81% | 18.96万 | 5230.53万 | | 603355 | 莱克电气 | 23.98 | 1.44% | 3.55万 | 8491.72万 | | 603219 | 富佳股份 | 16.65 | 1.03% | 6.50万 | 1.08亿 | | 002959 | 小熊电器 | 49.98 | 0.77% | 1.54万 | 7673.90万 | | 603486 | 科沃斯 | 89.41 | 0.70% | 6.95万 | 6.16亿 | | 605555 | 德昌股份 | 17.3 ...

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 15.10 CNY [2][7]. Core Views - The company reported a significant improvement in profitability and revenue growth, with H1 2025 revenue reaching 430 million CNY, a year-on-year increase of 34.0%, and a net profit of 60 million CNY, up 74.9% year-on-year [2][7]. - The growth is attributed to factors such as the "old-for-new" policy, focus on core self-owned brands, and a low base effect from the previous year [2][7]. - The company is expected to continue benefiting from national subsidy policies, which are anticipated to drive steady revenue growth [7]. Financial Performance Summary - For 2025E, total revenue is projected to be 941 million CNY, reflecting a year-on-year growth of 24.9% [3]. - The net profit for 2025E is estimated at 114 million CNY, showing a significant increase of 64.6% compared to the previous year [3]. - The earnings per share (EPS) for 2025E is forecasted to be 0.35 CNY, with a price-to-earnings (P/E) ratio of 37 times [3][8]. Product and Market Insights - The self-owned brand revenue for H1 2025 was 360 million CNY, a year-on-year increase of 43.6%, while OEM/ODM revenue was 80 million CNY, up 2.1% [7]. - The product categories showing the highest growth include steam cookers (+72.2%), health pots (+12.9%), and electric stoves (+324.4%) [7]. - The company’s revenue growth is primarily driven by the domestic market, with a 48.4% increase in revenue from China [7]. Profitability and Cost Management - The gross margin for H1 2025 was 49.7%, an increase of 2.2 percentage points year-on-year, with the gross margin for self-owned brands at 55.9% [7]. - The net profit margin for Q2 2025 reached 10.2%, up 4.5 percentage points year-on-year, attributed to improved cost control and a decrease in expense ratios [7]. - The report indicates that the company is focusing on enhancing operational efficiency in overseas markets while continuing to develop its self-owned brand strategy [7].

证券之星消息，8月12日小家电板块较上一交易日上涨0.02%，倍益康领涨。当日上证指数报收于 3665.92，上涨0.5%。深证成指报收于11351.63，上涨0.53%。小家电板块个股涨跌见下表： 从资金流向上来看，当日小家电板块主力资金净流出8578.6万元，游资资金净流出6408.88万元，散户资 金净流入1.5亿元。小家电板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603486 | 科沃斯 | 88.79 | -1.64% | 7.65万 | | 6.78亿 | | 003023 | 彩虹集团 | 23.56 | -0.88% | 8.22万 | 1.94亿 | | | 301332 | 德尔玛 | 11.42 | -0.87% | 1 6.44万 | 7368.82万 | | | 300272 | 开能健康 | 7.1 ...

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Growth Index (000690) has seen a strong increase of 3.06%, with key stocks like Cambricon (688256) hitting the daily limit up, and others such as SourceJect (688498) and Tailin Microelectronics (688591) rising by 14.19% and 7.09% respectively [1] - The Sci-Tech Growth ETF (588110) has also increased by 3.37%, with a trading volume of 20.89 million yuan and a turnover rate of 8.92% [1] - Over the past week, the Sci-Tech Growth ETF has seen a scale increase of 1.35 million yuan, ranking among the top two in comparable funds, and its share count has grown by 3 million shares in the last two weeks [1] Group 2 - As of August 11, the Sci-Tech Growth ETF has achieved a net value increase of 17.86% over the past six months, ranking first among comparable funds [2] - The top ten weighted stocks in the Sci-Tech Growth Index account for 59.98% of the index, with Cambricon (688256) and Haiguang Information (688041) being the top two [2] - The index primarily reflects high-growth companies in the semiconductor (51.2%), chemical pharmaceuticals (12.5%), and small appliances (5.7%) sectors [2] Group 3 - Goldman Sachs has revised its sales forecast for 800G optical modules, expecting sales to reach 19.9 million and 33.5 million units in 2025 and 2026, respectively, marking increases of 10% and 58% [3] - The market is expected to focus on high-growth sectors, with recommendations to invest in areas such as anti-involution, technological independence, and innovative pharmaceuticals [3] - The semiconductor cycle is anticipated to rise, particularly in sectors that have been previously undervalued due to tariff pressures [3]

Core Viewpoint - Beiding Co., Ltd. reported strong financial performance for the first half of 2025, with significant year-on-year growth in both revenue and net profit, driven by domestic consumption policies and product innovation [1][4]. Financial Performance - In H1 2025, Beiding achieved revenue of 430 million yuan, a year-on-year increase of 34.0%, and a net profit attributable to shareholders of 60 million yuan, up 74.9% year-on-year [1]. - For Q2 2025, the company recorded revenue of 220 million yuan, representing a year-on-year growth of 34.7%, and a net profit of 20 million yuan, which is a remarkable increase of 140.9% year-on-year [1]. Sales Performance - Domestic sales in Q2 increased significantly, with a year-on-year growth of 45.5%, driven by government subsidies and the introduction of new products such as electric cookers and rice cookers [1]. - External sales also showed recovery, with a year-on-year increase of 9.9% in Q2, where brand business revenue grew by 0.8% and OEM business revenue increased by 13.2% [1]. Profitability Improvement - The net profit margin for Q2 was 10.2%, reflecting a year-on-year increase of 4.5 percentage points, attributed to effective cost optimization measures and an increase in the proportion of high-margin brand business [2]. - The company experienced a reduction in expense ratios, with management, R&D, and sales expense ratios decreasing by 3.3%, 1.7%, and 0.5% year-on-year, respectively [2]. Cash Flow and Inventory - Operating cash flow for Q2 was negative at -16.27 million yuan, a significant decrease from a positive cash flow of 9.35 million yuan in the same period last year, primarily due to increased cash payments for inventory [3]. - The company's inventory at the end of Q2 was 160 million yuan, reflecting a year-on-year increase of 30.4% [3]. Investment Outlook - Beiding's positioning in the mid-to-high-end market is expected to benefit from ongoing government subsidy policies, with continuous product expansion and brand development anticipated to drive further improvements in operational performance [4]. - The projected earnings per share (EPS) for 2025 to 2027 are estimated at 0.33, 0.42, and 0.52 yuan, respectively, with a maintained buy rating and a target price of 14.99 yuan based on a 45 times dynamic price-to-earnings ratio for 2025 [4].

（编辑 楚丽君） 证券日报网讯 8月11日晚间，北鼎股份发布公告称，本公司2025年半年度权益分派方案为：以公司现有 总股本剔除已回购股份1，968，200.00股后的324，373，482.00股为基数，向全体股东每10股派 0.850000元人民币现金（含税），股权登记日为2025年8月15日，除权除息日为2025年8月18日。 ...

证券之星消息，8月11日小家电板块较上一交易日上涨1.3%，欧圣电气领涨。当日上证指数报收于 3647.55，上涨0.34%。深证成指报收于11291.43，上涨1.46%。小家电板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 301187 | 欧圣电气 | 33.56 | 6.07% | 17.60万 | | 5.98亿 | | 603219 | 富佳股份 | 16.53 | 4.69% | 11.51万 | | 1.89亿 | | 603486 | 科沃斯 | 90.27 | 3.62% | 7.50万 | | 6.76亿 | | 300824 | 北鼎股份 | 12.84 | 3.22% | 6 9.75万 | | 1.24亿 | | 688793 | 倍轻松 | 35.29 | 2.41% | 2.63万 | | 9279.01万 | | 603215 | 比依股份 | 18.70 | 2.13% | 5.75万 | | 1.07亿 | | 3013 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5] Core Views - The company has shown significant revenue growth, with a 34% year-on-year increase in H1 2025, reaching 430 million yuan, and a 75% increase in net profit, totaling 56 million yuan [1][2] - The domestic market has benefited from government subsidies, while the overseas market remains resilient against tariff disruptions [1] - The company has successfully optimized its cost structure, leading to improved profitability, with a gross margin of 49.7% in H1 2025, up 2.2 percentage points year-on-year [2] Summary by Sections Financial Performance - In H1 2025, the company generated 330 million yuan from domestic sales, a 48.4% increase year-on-year, while overseas sales were 25 million yuan, a 0.7% increase [1] - The gross margin for the domestic segment was 57.6%, while the overseas segment was 33.7% [2] - The company plans to distribute a cash dividend of 0.85 yuan per 10 shares, totaling 27.57 million yuan, with a payout ratio of 49.4% [1] Future Projections - The company expects net profits of 119.25 million yuan, 141.31 million yuan, and 164.06 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding dynamic valuations of 34.0x, 28.7x, and 24.7x [3] - The report anticipates an increase in domestic sales growth rates based on H1 2025 performance [3] Market Position - The company has established a differentiated high-end brand positioning, with ongoing product innovation and channel development in the domestic market [3] - The company has added five new offline stores, contributing to a 49% revenue increase [1]