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]

Summary of Conference Call for Xinbao Co., Ltd. Industry Overview - The small home appliance industry is closely related to consumer quality of life, evolving from functional products to those that are youthful, personalized, and experience-driven [3][10] - The domestic small appliance market has improved due to national subsidy policies, with retail performance showing an uptick in Q1 [7] Company Insights - **Impact of Tariffs**: The company faced significant disruptions in export orders to the U.S. due to tariff policies, particularly from early April to mid-May. Although conditions improved post-mid-May, uncertainties remain [2][4] - **Indonesian Base Development**: The second phase of the Indonesian base construction is progressing smoothly despite challenges. This base aims to cover more product categories and larger scale production [2][6] - **Export Strategy**: To mitigate high tariffs on small appliances, the company plans to rely more on Southeast Asia, particularly the Indonesian base, for exports [2][8] - **Market Demand**: Current consumer demand in the U.S. and Europe for small appliances is stable but lacks strong growth, influenced by inflation and cautious customer ordering [15][14] Financial and Operational Strategies - **Cost Management**: The company is cautious about high-cost channels like Douyin and emphasizes improving operational quality over short-term gains [12] - **R&D Initiatives**: The establishment of a research center in Shenzhen aims to drive technological innovation and address competitive pressures in the small appliance sector [11] - **Future Performance Expectations**: The company anticipates a stabilization of performance through overseas construction, with improvements expected in the latter half of 2025 and better prospects in 2026 as the Indonesian base matures [22] Market Dynamics - **Competitive Landscape**: The company believes that the release of domestic capacity will not significantly impact its competitive position due to a balanced customer and product layout [9] - **Consumer Trends**: There is a growing interest in integrating trendy elements into small appliances to enhance emotional value, reflecting a shift in consumer preferences [10] Additional Considerations - **Currency Fluctuations**: Recent currency fluctuations have had minimal impact on the company's operations, with ongoing monitoring in place [21] - **Talent Retention**: The company views talent mobility as normal and is focused on providing comprehensive development services to mitigate the risk of losing key personnel [13]

Group 1 - Xu Shuhai, the mayor, visited enterprises in Shenzhen from June 19 to 22 to enhance communication and expedite project implementation, aiming for mutual benefits and high-level cooperation [1][2] - Yichong New Energy (Shenzhen) Co., Ltd. plans to invest 1 billion yuan in a new energy high-efficiency storage and control module manufacturing project in Zhenjiang, in collaboration with Jiangsu Yongjia Electric Equipment Co., Ltd. [1] - Rongdian Group, a leading small home appliance company in China, is set to establish a smart home manufacturing base in Zhenjiang, with a focus on deepening cooperation in intelligent manufacturing [2] Group 2 - The city government held a video conference on project attraction and economic growth, emphasizing the importance of project-driven development and the need to maintain economic growth above the provincial average [3] - Local leaders participated in various activities to strengthen cooperation with companies, focusing on accelerating project construction and pragmatic collaboration [4]

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].

Core Viewpoint - The Hong Kong IPO market is experiencing a significant acceleration, with 17 companies having passed the hearing and preparing to list, indicating a robust recovery in the market [1][4]. IPO Activity - As of June 24, 2025, 17 companies have passed the hearing process and are awaiting their official listing on the Hong Kong stock market [1][4]. - In 2025, 35 new stocks have been listed, with several more expected to debut soon, including companies like 曹操出行 (Caocao Mobility) and 香江电器 (Xiangjiang Electric) [2][4]. - The upcoming listings include five companies scheduled for this week, with 曹操出行 and 香江电器 having already completed their subscription processes [4]. Company Highlights - 曹操出行 plans to issue 44.18 million shares at a price of HKD 41.94 per share, aiming to raise approximately HKD 1.853 billion [6][7]. - The company is valued at around HKD 22.823 billion and has attracted six cornerstone investors, including major firms like Mercedes-Benz and 国轩高科 [7]. - 香江电器 intends to issue 68.22 million shares at a price range of HKD 2.86 to HKD 3.35, with expected net proceeds of approximately HKD 172 million for expansion and upgrades [8]. Market Performance - The IPO market has shown a strong performance, with only three out of seven newly listed stocks in June experiencing a decline, while the majority have seen significant gains [12]. - The average first-day increase for the successful IPOs has been substantial, with 药捷安康-B achieving a remarkable 78.71% rise on its debut [12][14]. - The overall IPO market in Hong Kong has become the largest globally in terms of fundraising, reflecting a healthy investment environment [14]. Future Outlook - The enthusiasm for IPOs in Hong Kong is expected to continue, driven by factors such as the return of Chinese companies and the introduction of specialized listing channels for tech firms [15]. - The market is likely to see more leading companies from various sectors, particularly in new consumption and hard technology, seeking to list in the near future [15].

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 ...