近期，港股IPO市场持续火爆，但在6月25日上市的曹操出行和香江电器则未能延续这一热度。 Wind显示，曹操出行和香江电器双双破发，二者发售价分别为每股41.94港元和每股2.86港元。截至收盘，曹操出行下跌14.16%，收盘价报每股36港元；香江电 器下跌11.89%，收盘价报每股2.52港元。 | 36.000 -5.940 -14.16% | | 32.867 (CNY) | | | | | | 曹操出行 立即 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 2643 交易 | | HKEX HKD 16:08:14 | | | | | | | | 1 . + | | 安化 | -76.77% 变差 | | -1434 | 文年 | | 0.00% 120日 | | 0.00% | | 死 | 36.200 | 4.25万 | 18 ) | 5日 | | 0.00% 250日 | | 0.00% | | 卖口 | 36.150 | 1300 | 5) | 20日 | | 0.00% 52周高 | | ...

Core Viewpoint - Xiangjiang Electric (02619.HK) was listed on the Hong Kong Stock Exchange on June 25, with an offering price of HKD 2.86 and a P/E ratio of 5.21 times. Despite a strong subscription demand with a margin multiple exceeding 671 times, the stock price fell over 11% post-listing, indicating potential risks in the Hong Kong IPO market [1]. Company Overview - Xiangjiang Electric focuses on the research, design, production, and sales of electrical and non-electrical home products, with approximately 80% of its revenue derived from electrical home appliances [2]. Financial Performance - The company reported revenues of approximately RMB 1.10 billion, RMB 1.19 billion, and RMB 1.50 billion for the fiscal years 2022, 2023, and 2024, respectively. The gross profit margins were 20.4%, 24.1%, and 21.9% during the same periods, with net profits of approximately RMB 80 million, RMB 121 million, and RMB 140 million [4]. Product Breakdown - The revenue from electrical home appliances includes: - Heating appliances: RMB 459.01 million (41.8%), RMB 499.10 million (42.0%), RMB 757.88 million (50.5%) - Electric appliances: RMB 317.62 million (29.0%), RMB 321.94 million (27.1%), RMB 315.56 million (21.0%) - Electronic appliances: RMB 122.99 million (11.2%), RMB 111.57 million (9.4%), RMB 115.07 million (7.7%) - Non-electrical home products include garden hoses and cookware, contributing 20% to 21.5% of total revenue during the reporting period [3]. Market Presence - Over 90% of Xiangjiang Electric's revenue comes from overseas markets, with sales to the U.S. accounting for 68.8%, 80.6%, and 76.5% of total revenue in the respective fiscal years [4]. Production Facilities - The company has established seven manufacturing bases in China and is expanding internationally with a new facility in Indonesia expected to start production in Q2 2025, and another planned in Thailand for H2 2025 [4]. Client Base - In the fiscal years 2022, 2023, and 2024, four to five of the company's top clients were U.S. companies. The ongoing U.S.-China trade tensions and increased tariffs on Chinese imports may impact the company's export revenues [5].

Core Viewpoint - Hubei Xiangjiang Electric Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 195 million through the issuance of H-shares at an initial price of HKD 2.86 per share [1][3]. Company Overview - Xiangjiang Electric was established in July 2012 and is located in Huanggang City, Hubei Province, with a registered capital of approximately RMB 205 million [3]. - The company operates primarily in the manufacturing of household appliances, focusing on both electrical and non-electrical home products, particularly kitchen small appliances [5][6]. Market Position - According to a report by Frost & Sullivan, Xiangjiang Electric ranks as the tenth largest company in China's kitchen small appliance industry, holding a market share of 0.8% based on export value in 2024 [6]. Financial Performance - The company's revenue for the fiscal years 2022, 2023, and 2024 is projected to be approximately RMB 1.10 billion, RMB 1.19 billion, and RMB 1.50 billion, respectively [6][7]. - Gross profit for the same years is expected to be around RMB 224 million, RMB 286 million, and RMB 329 million, with net profits of approximately RMB 80 million, RMB 121 million, and RMB 140 million [6][7]. - The top five customers contributed to 62.4%, 72.4%, and 77.9% of total revenue during the respective fiscal years, with the largest customer accounting for 21.3%, 28.5%, and 24.1% of total revenue [7]. Expansion Plans - Xiangjiang Electric currently operates seven manufacturing bases in China, covering a total area of approximately 367,000 square meters [6]. - The company is set to establish a production base in Indonesia, expected to commence operations in the second quarter of 2025, and plans to build another facility in Thailand, covering an area of 43,436.8 square meters, anticipated to start production in the second half of 2025 [6].

港交所披露易显示，截至6月24日，年内已有17家公司通过港交所聆讯，等待正式登陆港股市场。 | 港股IPO正在提速。2025年以来，港股市场已上市35只新股。而在本周，除开已在周一上市的三花智控等3只个股外，还有曹操出行等5只个股即将上市。 | | --- | | 2508.HK | SAINT BELLA | 2025-06-26 | 主板 | | --- | --- | --- | --- | | 6168.HK | 周六福 | 2025-06-26 | 主板 | | 6883.HK | 颖通控股 | 2025-06-26 | 主板 | | 2619.HK | 香江电器 | 2025-06-25 | 主板 | | 2643.HK | 曹操出行 | 2025-06-25 | 主板 | | 2609.HK | 佰泽医疗 | 2025-06-23 | 主板 | | 2617.HK | 药捷安康-B | 2025-06-23 | 主板 | | 2050.HK | 三花智控 | 2025-06-23 | 主板 | IPO依旧紧锣密鼓 港交所披露易显示，今年已有17家公司通过聆讯，其中曹操出行、香江电器、颖通控股、周 ...

证 券 研 究 报 告 基准约束下，构建新红利增长组合 证券分析师：杨俊文 A0230522070001 邓虎 A0230520070003 研究支持： 杨俊文 A0230522070001 2025.06.24 一、基准约束下调整红利增长组合 www.swsresearch.com 证券研究报告 2 ◼ 5月7日，中国证监会发布《推动公募基金高质量发展行动方案》（以下简称"《行动方案》"），其中明确提出强化业 绩比较基准的约束作用，基金公司评价体系、公司高管的考核以及基金经理的考核都将与业绩比较基准密切相关。以基 金经理为例："对三年以上产品业绩低于业绩比较基准超过10个百分点的基金经理，要求其绩效薪酬应当明显下降；对 三年以上产品业绩显著超过业绩比较基准的基金经理，可以合理适度提高其绩效薪酬"。 ◼ 2016~2024年期间，原红利增长组合相对中证红利指数的年化跟踪误差为9.08%，新红利增长组合相对中证红利指数的 年化跟踪误差为5.82%。 www.swsresearch.com 证券研究报告 3 二、新红利增长组合的构建 ◼ 顺着预测分红增长的逻辑，从两个维度来展开： ◼ 维度一：过去三年分红比例稳定 ...

不断完善金融服务，帮新市民更快融入城市生活；促进农业转移人口在城镇稳定就业，让其劳有所得； 优化义务教育领域转移支付，更好满足随迁子女入学需求……推进以人为本的新型城镇化建设，要用好 财政金融手段，把资金用到刀刃上、紧要处，让农业人口、外来人口进得来、留得住、能发展。 助安居，新市民更快扎下根 "最近家里正在铺地砖、刷大白，我白天上班，晚上下了班就来盯着装修进度，估摸着月底硬装部分就 能完工。"从去年底买房，到今年上半年忙活装修，来福建厦门工作近一年，95后苏鑫的安家节奏比他 想象中快了不少。 "找到新工作，搬到新城市，还是想有个自己的家。"选择到厦门，为的是谋个更好的发展机会，但要在 新城市安家，对苏鑫来说并没那么轻松。"工作近7年，去年刚贷款买了车，现在好不容易攒够首付买 房，装修的开支也不小，用钱的地方真是多啊！"细数着搬到厦门后的开支，苏鑫为装修的钱犯了愁， 突然想起之前看到过交通银行推送的消费贷产品，便想试试。 新型城镇化是产业升级、人口集聚、城镇发展良性互动的城镇化。从加强住房保障体系建设，到助力青 年就业创业，再到推动基本公共服务均等化，一项项务实举措有力提升了人民群众的获得感和幸福感。 本版推 ...

点击上图▲立即收听 " 当 'Made in China' 成为全球家庭生活中自然而然、难以剥离的一部分时，这便是全球化最真实、最动人的注脚。 " 文 / 巴九灵（微信公众号：吴晓波频道） " 这是最伟大的发明。" 帽檐上支棱着俩小风扇，往头上一扣就像戴了台迷你空调。最近，这款出自义乌的" 太阳能风扇帽" 彻底征服了炎炎夏日里的老外们。 FastMoss 数据显示，这顶神奇帽子一周时间就闯进美国 TikTok 销量总榜第 27 名，在运动户外类目更是狂飙到第 2 位。 在欧美，走红的还有 " 三蹦子 "。 这款充满乡土气息的交通工具被玩出了新高度——装上霓虹灯、贴上涂鸦，摇身一变 " 网红打卡神器 "。在东 南亚和非洲，三蹦子更是直接化身"万能工具车"，深受小商户和居民追捧。 图源：小红书 而这些爆款，不过是中国产品出海的 " 冰山尖尖尖尖尖角 " 。 根据人民日报官方数据， 2024 年我国出口规模首次突破 25 万亿元，达 25.45 万亿元，同比增长 7.1% ，连续 8 年保持增长。 那么这25万亿里，到底藏着多少"全球爆款"？ 特易资讯《中国出口百大产品及贸易伙伴》清单显示，手机、锂电池、集成电路、 ...

按照业内人士的说法，场景化需求延伸开辟新增量。当年轻人把"解放双手，家务减负"视为刚需，扫地 机器人已从尝鲜品进阶为现代家庭标配。 值得关注的是，在国补等因素促进下，扫地机器人今年热度颇高。根据国际数据公司（IDC）报告， 2025年第一季度中国扫地机器人市场出货118.8万台，同比增长21.4%，出货量增长率连续2个季度超过 20%。 智通财经6月21日讯（记者 王碧微 陆婷婷）首个可叠加国补政策红利的618大促落下帷幕，扫地机器人 成为小家电细分品类中的"销量担当"。天猫数据显示，618期间可拆卸清洗扫地机器人成交量同比暴涨 10倍；苏宁易购平台上，扫地机器人亦是热门小家电单品，销售同比增幅达145%。 喜人战绩的背后，暗流在涌动。持续技术升级的品牌叙事下难掩市场出货单价下滑的事实，头部厂商集 中度加深趋势也越发凸显，意味着行业迎来进一步的洗牌。 扫地机器人"618"卖爆 相较于传统家电类目，小家电是个卷功能、卷效率的行业，且一定程度上仰赖于讲故事。煮蛋器、空气 炸锅、直发梳等一代又一代的爆款小家电在市场消费需求蝶变中不断找到新痛点。 IDC中国高级分析师赵思泉认为，从全球市场格局来看，扫地机器人行业正处 ...

Core Viewpoint - Company SharkNinja is expanding its distribution in Southeast Asia, achieving significant revenue growth in the Asia-Pacific region, while facing challenges in its Chinese market segment [1][2][3] Group 1: Revenue and Profit Performance - In 2024, SharkNinja achieved a revenue of $1.59 billion, a year-on-year increase of 12%, but net profit dropped to $0.09 million, a decline of 94% [1] - The Asia-Pacific segment generated a total revenue of $340 million in 2024, while the Joyoung segment contributed $1.02 billion [2] - The Asia-Pacific division saw strong revenue growth in key markets: Australia (up 236.1%), Japan (up 22.1%), and South Korea (up 455.1%) [2] Group 2: Product and Market Expansion - SharkNinja launched several new products in the Asia-Pacific region, including the Shark EvopowerNeo/Neo+, CarpetXpert, and Ninja Blast, which have performed well [2] - The company is actively expanding into Southeast Asia, with agreements signed with local distributors for product shipments [2] - Joyoung is focusing on high-quality, innovative small appliances, achieving growth in the domestic market despite overall sluggish sales in kitchen appliances [3] Group 3: Future Outlook and Investment Rating - The company has adjusted its profit forecast for 2025 to $0.63 million, down from a previous estimate of $1.07 million, but projects significant growth in 2026 and 2027 [3] - The Asia-Pacific business outlook remains positive, with potential for growth compared to industry peers, suggesting over 20% upside in valuation [3]

证券代码：002959 证券简称：小熊电器 公告编号：2025-036 小熊电器股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 小熊电器股份有限公司（以下简称"公司"）本次利润分配以公司实施权益 分派股权登记日登记的总股本扣除回购专用证券账户股份数量为基数，向全体股 东每 10 股派发现金红利 10 元（含税），本年度不送红股，不以公积金转增股本。 本次权益分派实施后，按公司总股本折算每股现金红利比例及除权除息参考 价如下：按总股本折算每股现金分红=实际现金分红总额/总股本（含回购股份） =154,902,274.00 元/157,038,674 股=0.9863957 元/股；除权除息参考价格=股权登 记日（2025 年 6 月 25 日）收盘价-0.9863957 元/股。 本 公司 2024 年年度权益分派方案为： 以现有总股本 剔除已回购股份 币现金（含税；扣税后，通过深股通持有股份的香港市场投资者、境外机构（含 QFII、RQFII）以及持有首发前限售股的个人和证券投资基金每 10 股派 9.000000 元；持有首发后限售 ...