智通财经APP讯，小熊电器(002959.SZ)发布2025年半年度报告，报告期内，公司实现营业收入25.35亿 元，同比增长18.94%。实现归属于上市公司股东的净利润2.05亿元，同比增长27.32%。实现归属于上市 公司股东的扣除非经常性损益的净利润1.87亿元，同比增长52.45%。基本每股收益1.3047元。 ...

Group 1 - The company held a performance briefing on August 28, 2025, reporting a revenue of 1.686 billion yuan for the first half of 2025, a year-on-year increase of 3.99%, and a net profit attributable to shareholders of 69 million yuan, up 1.08% year-on-year [1] Group 2 - The company discussed the reasons for fluctuations in gross margin, attributing it to channel strategy adjustments but maintaining overall stability through product innovation and cost optimization [2] - The company is expanding its overseas market presence with a "multi-brand, multi-category, globalization" strategy, focusing on both mature and emerging markets [2] - The domestic small appliance market is experiencing a slowdown in growth, but government support for industry upgrades is expected to stimulate demand in the long term [2] - The personal care and health product sector is evolving towards higher-end and scenario-based consumption, with the company focusing on product differentiation through functional upgrades and user experience [2] - In response to intensified competition in the water purification business, the company plans to innovate products based on consumer needs and strengthen intellectual property protection [2]

证券代码：301332 证券简称：德尔玛 编号：2025-003 广东德尔玛科技股份有限公司 机构活动记录表 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 业绩说明会 | | | □新闻发布会 路演活动 | | 活动类别 | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名 | 开源证券、中金公司、国泰海通、国联民生、华泰证券、天风 | | | 证券、中信证券、长江证券、西南证券、广发证券、招商证券、 | | 称及人员 | 华西证券、银河证券、东方证券、高恩私募、开弦资本等机构 | | 时间 | 2025 年 8 月 28 日 15:00-16:00 | | 地点 | 电话会议 | | | 副总经理、董事会秘书孙秀云 | | 接待人员姓名 | 副总经理、财务总监孙斐 | | | 证券事务代表谭佳丽 | | 投资者关系活 | 一、公司 2025 年半年度经营情况 | | 动主要内容介 | 2025 年半年度，公司实现营业收入 16.86 亿元，同比 | | 绍 | 增长 3.99%，归属上市公司归母净利率 0.69 亿元，同 ...

证券日报网讯 8月28日晚间，新宝股份发布公告称，2025年8月28日，公司与中国银行股份有限公司滁 州分行签订了编号为"2025年滁中银额度保字016号"的《最高额保证合同》，同意为滁州东菱与中国银 行滁州分行签订的融资主合同项下的一系列债务提供连带责任保证担保，所担保债权之最高本金余额为 人民币8，000万元整。 （编辑 李家琪） ...

格隆汇8月28日丨小熊电器(002959.SZ)公布2025年半年度报告，上半年公司实现营业收入25.35亿元，同 比增长18.94%；归属于上市公司股东的净利润2.05亿元，同比增长27.32%；归属于上市公司股东的扣除 非经常性损益的净1.87亿元，同比增长52.45%；基本每股收益1.3047元。 ...

Group 1 - The company reported a revenue of 11.478 billion yuan for the first half of 2025, representing a year-on-year growth of 4.68% [1] - The net profit for the same period was 940 million yuan, showing a slight decline of 0.07% compared to the previous year [1]

Company Performance - In H1 2025, the company achieved total revenue of 1.157 billion yuan (+34.53%) and a net profit attributable to shareholders of 54 million yuan (-21.04%) [1] - In Q2 2025, the company reported revenue of 627 million yuan (+16.07%) and a net profit attributable to shareholders of 39 million yuan (-33.13%) [1] - The company’s product revenue breakdown for H1 2025 includes air fryers (985 million yuan), coffee machines (109 million yuan), and other products [1] Sales and Market Trends - Domestic sales showed remarkable growth with a year-on-year increase of 498.99%, while international sales increased by 11.76% [1] - The company is expanding its coffee machine production with expected orders from SharkNinja and is also accelerating the development of robotic vacuum cleaners [1] Profitability and Cost Structure - In Q2 2025, the company's gross margin was 15.76% (-3.38 percentage points), with expectations for improvement through a higher proportion of high-margin products [2] - The net profit margin in Q2 2025 was 5.84% (-4.56 percentage points), primarily due to increased expenses [2] - Sales expenses increased significantly due to enhanced brand marketing efforts [2] Industry Outlook - The small home appliance sector faces short-term challenges due to geopolitical factors, but the coffee machine market presents significant growth opportunities [3] - The company is positioned to benefit from a stable customer base in the air fryer segment and is expanding its product matrix with new categories [3] - The construction of a smart factory in Italy is progressing, with the first phase nearing completion, enhancing the company's ability to manage international trade risks [3] Future Projections - The company’s projected net profits for 2025, 2026, and 2027 are 139 million yuan, 187 million yuan, and 250 million yuan, respectively, with corresponding EPS of 0.74, 1.00, and 1.33 yuan [3]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has shown significant recovery in domestic sales, leading to a notable improvement in profitability [1][3] - The revenue for H1 2025 reached 430 million yuan, a year-on-year increase of 34.0%, while the net profit attributable to shareholders was 60 million yuan, up 74.9% year-on-year [1] - The report projects a substantial increase in net profit for 2025-2027, with estimates of 115 million yuan, 141 million yuan, and 163 million yuan respectively, reflecting growth rates of 64.8%, 22.7%, and 15.9% [3] Revenue Breakdown - In H1 2025, the company's proprietary brand business generated 360 million yuan, a 43.6% increase year-on-year, accounting for 82.5% of total revenue [2] - The domestic business in China contributed 330 million yuan, growing by 48.4% year-on-year, primarily due to the implementation of the old-for-new policy and internal adjustments [2] - Overseas revenue was stable at 25 million yuan, with a slight increase of 0.71% year-on-year, while OEM/ODM business revenue grew by 2.05% [2] Profitability Metrics - The gross margin for H1 2025 was 49.7%, an increase of 0.8 percentage points year-on-year, with proprietary brand gross margin at 55.9% [3] - The net profit margin for H1 2025 was 12.9%, up 3.0 percentage points year-on-year, indicating improved profitability [3] - The report highlights a significant optimization in management expenses, with a management expense ratio decrease of 3.6 percentage points [3]

证 券 研 究 报 告 奥普科技（603551）2025 年半年报点评 推荐（维持） 费用控制良好，业绩有所提升 目标价：16.1 元 事项： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,866 | 1,926 | 2,027 | 2,154 | | 同比增速(%) | -6.5% | 3.2% | 5.2% | 6.3% | | 归母净利润(百万) | 297 | 305 | 332 | 358 | | 同比增速(%) | -3.9% | 2.6% | 8.9% | 7.9% | | 每股盈利(元) | 0.76 | 0.78 | 0.85 | 0.92 | | 市盈率(倍) | 16 | 16 | 14 | 13 | | 市净率(倍) | 3.3 | 3.1 | 3.1 | 3.0 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 8 月 27 公司研究 小家电Ⅲ 2025 年 08 月 28 日 | | | ...

证券研究报告 | 2025年08月28日 德尔玛（301332.SZ） 优于大市 2025 年中报点评： 营收利润表现平稳，水健康类新品带动增长 收入利润稳健增长。公司 2025H1 实现营收 16.9 亿/+4.0%，归母净利润 0.7 亿/+1.1%，扣非归母净利润 0.6 亿/-1.1%。其中 Q2 收入 9.1 亿/+0.3%，归 母净利润 0.5 亿/+1.0%，扣非归母净利润 0.4 亿/-0.7%。 水健康类电器增长较好，个护健康类有所承压。2025H1 在新需求与以旧换新 政策拉动下，我国水家电（净水器、净饮机、饮水机等）行业规模增长良好。 奥维云网数据显示，H1 水家电零售额同比增长 21.3%至 156.5 亿，其中净水 器销额增长 22.0%，净饮机销额增长 41.4%，饮水机销额增长 8.9%。公司 H1 飞利浦水健康类收入同比增长 13.7%至 6.6 亿，在新品的带动下实现较快增 长。清洁电器等家居环境类电器需求有所复苏，H1 收入同比增长 3.3%至 6.8 亿。个护健康类受行业需求分化及高基数影响，收入下降 9.2%至 3.4 亿。 境内收入增长良好，海外收入规模有所回落。H1 ...