证券研究报告 石头科技 (688169 CH) 2025 年中期策略会速递—— 618 大促开局良好，坚定全球化战略 华泰研究 更新报告 2025 年 6 月 06 日│中国内地 小家电 6 月 5 日石头科技出席了我们组织的 2025 年中期策略会，会上公司表示： 1）618 第一周期全品类销售额同比高增长；2）境外产能快速爬坡，美国关 税保持跟踪；3）修炼内功，加速全球化扩张战略的落地。 国内 618 大促开局良好 根据奥维云网的监测，5 月 12 日至 6 月 1 日，扫地机、洗地机行业的线上 销售额同比分别为+27%、+34%。分品牌看，同期石头品牌的扫地机、洗 地机线上销售额同比分别为+57%、1064%。公司的线上动销表现远好于行 业平均水平。618 是国内 2 季度最重要的大促活动，公司实现良好开局。 境外产能快速爬坡，美国关税风险保持跟踪 为应对美国关税政策的变化，2024 年 10 月公司在越南设立代工厂。凭借出 色的供应链管理能力，今年以来越南产能快速爬坡，并开始批量发货。公司 提前布局，主动采取措施，通过供应链的多元化、产品推新等多种举措应对 美国关税政策影响。 不断修炼内功，加速全球化 ...

Summary of Key Points from the Conference Call Industry Overview - The small home appliance industry entered a plateau phase after 2021, but new categories like air fryers and coffee machines showed remarkable growth in 2022, with air fryers increasing by 88% and coffee machines by 41% [1][2][4]. - The macroeconomic downturn in 2023-2024 is expected to impact consumer spending, but the national subsidy policy in Q4 2024 is anticipated to boost confidence, particularly benefiting mid-to-high-end products [1][2][4]. Core Insights and Arguments - By 2025, small appliance companies are expected to face a mild recovery in demand, reduced competition, and improved profitability, driven by fiscal subsidies and low base effects [1][4]. - Online sales channels have become the mainstream for small appliances, accounting for 79% of sales, with platforms implementing cost-reduction policies to alleviate pressure on brands [1][5]. - Brands like Xiaoxiong are optimizing product structures and focusing on high-end products to enhance brand image and profitability, while also emphasizing marketing efficiency and supply chain cost reduction [1][6]. Future Trends and Recommendations - The kitchen small appliance market is projected to recover in 2025, with significant price-driven growth expected. The domestic market is entering a phase of enhanced product capabilities [1][7]. - Recommended companies to watch include Xiaoxiong, Feike, Delma, and the stable dividend-paying leader Supor, as well as the promising water purification company Yunmi Technology [1][7]. Market Environment and Strategic Directions - Current market conditions for small appliance companies include moderate demand recovery, easing competition, and improving profitability, with a focus on high-quality development [4]. - Companies are adopting various strategic directions, including market penetration, product development, market expansion, and diversification to adapt to the plateau phase [8][10]. - The mother and baby small appliance market is particularly strong, with Xiaoxiong's revenue in this segment growing by 32% in 2024, outperforming other business areas [2][9]. Additional Important Insights - The online retail share of kitchen small appliances rose from 55% in 2019 to 67% in 2020 due to the pandemic, with brands like Xiaoxiong, Beiding, and Xinbao seeing significant revenue growth [2]. - Platforms are shifting their strategies towards GMV (Gross Merchandise Volume) to enhance user engagement, repeat purchase rates, and average transaction value, leading to a reduction in price competition [5]. - Companies are increasingly focusing on overseas markets due to prolonged domestic demand weakness, with brands like Xiaoxiong and Beiding achieving substantial growth in international sales [10].

访问36氪出海网站letschuhai.com，获取更多全球商业相关资讯。 今日好文 谁在帮"喜茶们"落地美国？ 与中餐出海美国的参与者们交流，还原中餐落地美国的细节。 "美国制造"流量汹涌：卖家狂欢、买家缺席 多重壁垒之下，赴美建厂看似能规避关税以及抓住可能的"美国制造"流量红利，实则成为一场风险巨大、回报渺茫的豪赌。 美国下边这五国，已经离不开中国了 中国在南美这几个国家卖了什么，又买走什么？我们翻遍了这几个国家的海关、贸易部、主流媒体，深挖了一波最新的数据与趋势。 智谱 COO 张帆即将离职，智谱会是下一个商汤吗？ 大模型公司，困在 B 端商业化难题。 卡塔尔2024年吸引中国逾4100万美元外商直接投资 通过持续改善营商环境、推出新型数字服务以及在多个行业优化许可流程，卡塔尔持续巩固全球领先商业中心地位。 热点快讯 速卖通升级 AliExpress Business 业务，向商家全面开放全球分销网络 阿里旗下跨境电商平台速卖通近日对 AliExpress Business 业务进行升级，并上线"一键分销"新功能，可通过 AI 能力，围绕社区团长、达人网红、个人站 长、中小批发商等多种分销人群和场景，帮 ...

解锁【第一财经智享会员】实时解读市场动态，把握投资先机。 【第一财经智享会员专属】 【 今 日 早 盘 】 6月5日，三大股指小幅高开，沪指 涨0.06% ，深成指 涨0 .08% ，创业板指 涨0.08% 。虚拟电厂、新能源车、生物科技概念股活跃；新消 费、可控核聚变题材回调。 今日券商观点 ①华泰证券：6月锂电排产增长 看好长期需求 华泰证券研报称，鑫椤锂电发布锂电产业链6月预排产，样本企业中电池排产1 0 7 . 7GWh，环比增长2 . 9%，正极1 3 . 3万吨，环比增长9 . 1%，负 极11 . 7万吨，环比增长0 . 9%，隔膜1 4 . 9亿平，环比增长4 . 3%，电解液7 . 6万吨，环比增长6 . 6%，总体排产环比微增，主要系以旧换新政策拉 升新能源汽车需求，美国对华关税下调后储能迎来新一轮抢出口。长期而言，国内新车型新技术不断推出，欧洲及亚非拉储能市场前景向好， 看好电池环节供需边际持续改善，看好头部电池企业提升产能利用率，实现量利齐升。 ②中金：小家电行业需求有望延续复苏态势，重点关注盈利能力改善公司 中金公司发文称，家电以旧换新政策带动及低基数效应下，预计今年小家电行业需求有 ...

Group 1: Market Overview - The three major indices opened higher, with the Shanghai Composite Index up 0.06%, Shenzhen Component Index up 0.08%, and ChiNext Index up 0.08% [1] - The Shanghai Composite Index closed at 3,378.22 points with a slight increase of 0.06%, while the Shenzhen Component Index reached 10,152.55 points, up 0.08% [2] - The U.S. stock market showed mixed results, with the Dow Jones down 0.22% to 42,427.74 points, while the S&P 500 rose slightly by 0.01% to 5,970.81 points [3] Group 2: Industry Insights - Huatai Securities reported a 2.9% month-on-month increase in lithium battery production for June, with total battery production reaching 107.7 GWh, driven by demand from new energy vehicles and favorable export conditions [4] - China International Capital Corporation (CICC) anticipates a continued recovery in the small home appliance sector, supported by trade-in policies and low base effects, leading to improved profitability for companies in this space [5] - Tianfeng Securities indicated that the bond market is likely to maintain a volatile pattern, with potential trading opportunities arising from adjustments in monetary policy and market dynamics [6] Group 3: Strategic Positioning - Huaxi Securities noted that some funds may have begun to position themselves in the technology sector, driven by positive market sentiment regarding U.S.-China trade relations, despite potential risks from fluctuating tariff policies [7][8]

智通财经6月5日电，中金公司研报称，在家电以旧换新政策带动及低基数效应下，预计今年小家电行业 需求有望延续复苏态势。在此背景下，行业竞争缓解、公司聚焦高质量发展，行业均价进一步修复，同 时平台降费减轻公司压力，综合影响下，预计小家电公司盈利能力或将明显改善。 中金：预计小家电公司盈利能力或将明显改善 ...

Core Viewpoint - The domestic small home appliance market is experiencing intense competition and slowing growth, prompting many listed companies to focus on overseas markets for expansion [1][2]. Company Summary - Aishida Co., Ltd. plans to invest up to 150 million RMB (approximately 20.84 million USD) to establish a subsidiary in Vietnam for cooking utensils, small appliances, and industrial robots [1][2]. - The project aims to build a production and service system to shorten supply chain response times and better meet overseas customer demands, enhancing Aishida's market share and international brand recognition [2]. - Aishida's overseas sales revenue reached 1.34 billion RMB in 2024, a year-on-year increase of 39.79%, with the proportion of total revenue rising from 39.01% in 2023 to 45.80% in 2024 [2]. - The investment in Vietnam is a key move in Aishida's internationalization strategy, focusing on global market reconfiguration and cost structure optimization [2]. Industry Summary - Other small appliance companies are also expanding internationally, with Supor achieving 7.502 billion RMB in overseas sales in 2024, a 21.07% increase [3]. - Bear Electric's overseas sales reached 668 million RMB in 2024, growing by 80.81%, with a focus on Southeast Asia, Japan, South Korea, Europe, and North America [3]. - Beiding Crystal Technology's overseas revenue was 231 million RMB in 2024, up 36.15%, utilizing online and offline channels to cater to local market needs [3]. - Data from the China Electromechanical Products Import and Export Chamber indicates that kitchen and personal care appliance exports grew by 9.1% and 16.9% respectively in 2024 [4]. - The overall retail sales of kitchen small appliances declined by 0.8% in 2024, while the personal care appliance market showed mixed results, with only hair dryers experiencing growth [4]. - The future growth of Chinese small appliance companies is expected to rely on overseas market expansion, while domestic market success will depend on brand strength, user engagement, and product innovation [4].

Group 1 - Guangyang Co., Ltd. has decided to terminate the plan to acquire 100% equity of Ningbo Yinqiu Technology Co., Ltd. and will resume trading on May 30, 2025 [1] - Longjing Environmental Protection plans to invest 75.075 million yuan to acquire 20% equity in Zhejiang Jitai Intelligent Technology Co., Ltd. [1] - Fengmao Co., Ltd. intends to invest up to 1.5 billion yuan to establish an automotive parts production base in Jiaxing [2] Group 2 - JinkoSolar has received a government subsidy of 98 million yuan [2] - Huayuan Real Estate has completed the registration of its name change to "Huayuan Holdings," effective June 5, 2025 [2][3] - Haisen Pharmaceutical's general manager plans to reduce his stake by 0.97% of the company's total shares [4][5] Group 3 - Shandong Highway plans to issue bonds not exceeding 8 billion yuan [6] - Mengguli's shareholders plan to collectively reduce their stake by up to 5% [7] - Yihua Tong has terminated its fuel cell comprehensive testing evaluation center project, originally planned for 220 million yuan [9] Group 4 - Ouma Software is the first candidate for the banking industry association's professional qualification examination service project, with a bid of 39.90 yuan per subject [11] - ST Dehao's subsidiary plans to invest 50 million yuan in an automotive LED packaging project [11] - Shuanglin Co., Ltd. plans to raise no more than 1.5 billion yuan through a private placement [12] Group 5 - Huaci Co., Ltd. plans to raise no more than 700 million yuan for the ASEAN Ceramic Valley project [13] - Aisi Kai intends to sign a procurement framework agreement for ceramic 3D printers, not exceeding 7.5 million yuan [14] - Baolingbao's major shareholder plans to reduce their stake by up to 3% [15] Group 6 - Heng Rui Pharmaceutical's subsidiary has received conditional approval for the launch of a class 1 innovative drug for lung cancer treatment [16][17] - *ST Jinguang is facing delisting due to continuous false reporting in annual reports from 2020 to 2023 [18] - Guangxi Broadcasting plans to swap 100% equity of Guangdian Technology for 51% equity of Jiaoke Group, with both assets valued at 1.411 billion yuan [19][20] Group 7 - ST Ruike's stock will be delisted from risk warnings and will change its name to "Guorui Technology" effective June 3, 2025 [21][22]

Core Insights - The article highlights the challenges faced by Chinese companies in overseas markets, particularly in Southeast Asia, where competition has intensified and return on investment (ROI) from marketing efforts has declined significantly [3][6][8] - A shift in growth paradigms is necessary for these companies, moving from a focus on sheer traffic acquisition to a more refined approach centered on user engagement and brand loyalty [4][9][10] Industry Trends - The cost of acquiring traffic in Southeast Asia has risen dramatically, with user reach costs on platforms like Meta increasing from under $0.5 to $3.9 per user within two years [6][8] - Traditional marketing strategies that relied on high-volume advertising are becoming less effective as consumer sensitivity to ads decreases and product competition increases [8][9] Marketing Strategies - The concept of "planting grass" (种草) is emerging as a new marketing paradigm, focusing on building brand awareness through word-of-mouth and community engagement rather than aggressive advertising [9][12] - Effective "planting grass" requires identifying target audiences and creating relatable content that resonates with their lifestyles and preferences [10][13] Brand Consideration Solution - TikTok has introduced the Brand Consideration solution to help brands focus on the "consideration" phase of the marketing funnel, which is often overlooked but crucial for driving purchase decisions [17][21] - This solution leverages user behavior data on TikTok to identify high-intent users, thereby reducing user consideration costs and enhancing marketing effectiveness [21][22] Case Studies - An Indonesian beauty brand utilizing the Brand Consideration strategy saw a 46% reduction in user consideration costs and a 10% increase in "planting grass" users [22] - A Thai brand that combined Brand Consideration with Shop Ads achieved a 22.5% decrease in user consideration costs and an 18.5% improvement in user acquisition efficiency [24][25]

Core Viewpoint - Tianji Co., Ltd. has faced significant financial losses in the lithium hexafluorophosphate industry, reporting a loss of nearly 1.4 billion yuan in 2024, with no signs of recovery in early 2025 [1][6]. Company Background - Established in 1996 in Shantou, Guangdong, Tianji Co., Ltd. initially focused on small household appliances, achieving revenue of 500 million yuan and a profit of 80 million yuan by 2015 [2]. - In 2016, the company acquired Jiangsu Xintai Materials for 2.7 billion yuan, entering the lithium-ion battery materials sector, aiming for a dual business model of "appliances + lithium-ion battery materials" [2][3]. Industry Position and Growth - The company has built an annual production capacity of 37,000 tons of lithium hexafluorophosphate, ranking third in the industry, behind Tianqi Lithium and Dongfang Special Steel [3]. - Revenue from lithium hexafluorophosphate reached 2.858 billion yuan in 2022, accounting for 87.29% of total revenue, marking over fivefold growth since its IPO [3]. Recent Acquisitions and Strategy - In 2023, Tianji Co., Ltd. acquired 100% of Xinte Chemical for 460 million yuan, diversifying into the phosphorus chemical sector [4]. - The acquisition aimed to enhance the product matrix and extend the company's presence in the chemical industry [4]. Financial Performance - In 2023, the company reported revenue of 2.193 billion yuan, a decline of over 33%, with net profit plummeting by 93% to 36.64 million yuan [5]. - By 2024, revenue further decreased to 2.055 billion yuan, with a net loss of 1.361 billion yuan [6]. Market Challenges - The decline in profitability is attributed to oversupply in the lithium battery materials market, leading to a drastic drop in product prices [7]. - The average selling price of lithium hexafluorophosphate fell by 50.04% in 2024, despite a 70% increase in sales volume [7]. Profitability Issues - The company's gross margin has sharply declined from 62.26% in 2021 to -12.04% in 2024, indicating that products are being sold at a loss [8][9]. - In contrast, competitors like Dongfang Special Steel and Tianqi Lithium maintained positive gross margins despite similar market pressures [9][10]. Future Outlook - The industry is unlikely to return to its 2021 peak due to completed penetration of the electric vehicle market and ongoing oversupply issues [13]. - The company faces significant challenges in improving management and technical capabilities to recover profitability [14][15].