记者丨吴立洋 实习生涂玥 8月16日，徕芬创始人叶洪新转发该测评视频称"看来有瓜吃了，徕芬剃须刀竟然打不过飞 科？"并表示要扒一扒号称独立客观第三方的评测机构是怎么收费的，收钱办事没问题，但不 能没有良心。 编辑丨朱益民 近日，一则不同品牌电动剃须刀产品的对比测评，成为小家电产业的市场焦点。 而让本次事件关注度急剧上升的关键节点，则是身为 徕芬创始人、CEO的叶洪新亲自下场， 暗指测评博主收钱办事，并指责该博主的哥哥、身为徕芬前员工的潘坚离职后服务竞品打击徕 芬 ，与其展开隔空论战。 C EO亲自下场回应测评视频 在最初的争议视频中，测评博主楼斌Robin通过机身震动、一镜到底剃净度等对比测试，从性 价比角度得出飞科售价399元的产品优于徕芬699元剃须刀的结论。 此外，叶洪新还指出博主楼斌的亲哥哥潘坚，正是徕芬的前员工；随后在17日发文指控潘坚在 2022年离职后，持续"靠出卖和打击徕芬获利"。 针对上述言论，楼斌也给出了回应，其表示测试视频是如实呈现了产品体验，观众自有判 断："徕芬卖699，飞科才卖399，就算横评结果是徕芬更干净，那也是应该的。" 此次争论风波，最终以叶洪新在8月18日发文"翻篇。志不 ...

Core Viewpoint - The recent controversy surrounding electric shavers has highlighted the competitive landscape in the small home appliance industry, particularly for the brand Lefan, which is facing growth challenges as it expands into new product categories [1][5]. Group 1: Market Dynamics - The electric shaver market has seen a significant increase, with retail sales expected to rise by 10.5% year-on-year by mid-2025, contrasting with a 10.5% decline in the hair dryer market during the same period [1][6]. - The hair dryer market is experiencing saturation, with a retail sales share of 74.7% by mid-2025, down 2.5% year-on-year, indicating a need for brands like Lefan to diversify [3][6]. Group 2: Competitive Landscape - Lefan's CEO, Ye Hongxin, publicly challenged a product comparison that favored a competitor's shaver, highlighting the pressure on Lefan to maintain its reputation for high cost-performance products [2][4]. - The price competition is intensifying, with the market segment below 300 yuan gaining a significant share, increasing by nearly 11 percentage points year-on-year, which does not align with Lefan's pricing strategy [4]. Group 3: Product Development and Strategy - Lefan has launched new products, including the T1 Pro and P3 Pro electric shaver series, aiming to capture market share in the growing electric shaver segment [5][6]. - The company is facing challenges in the electric toothbrush market, with a reported gross margin of less than 40%, indicating difficulties in competing against rivals with higher margins [5][6]. Group 4: Brand Positioning and Future Outlook - Lefan's strategy of "high performance + low pricing" and its integrated supply chain could be advantageous in the electric shaver market, provided the brand continues to enhance its product quality and user experience [7]. - The brand's ability to leverage its previous success in the hair dryer market to establish credibility in the electric shaver category remains a critical challenge [7].

Core Insights - The recent controversy surrounding electric shavers has drawn significant attention in the small appliance industry, particularly due to the involvement of Lefan's CEO Ye Hongxin, who accused a reviewer of bias and questioned the integrity of the review process [1][2][5] - Lefan's flagship product has traditionally been high-speed hair dryers, which saw sales grow from 150 million in January 2021 to 3 billion in 2023, but the company is now facing growth challenges as the hair dryer market becomes saturated [1][3] - The electric shaver market is experiencing a surge, with retail sales expected to increase by 10.5% year-on-year in the first half of 2025, indicating a shift in consumer demand towards high-end products [1][7] Company Strategy - Lefan is attempting to expand into new product categories, such as electric shavers and electric toothbrushes, to tap into growing market segments [6][7] - The company launched its first electric shaver line in May 2023, aiming to leverage its previous success in the hair dryer market, but faces challenges due to increased competition and market saturation [6][8] - Ye Hongxin has acknowledged the difficulties in the electric toothbrush market, citing low profit margins compared to competitors, and has expressed the need for Lefan to adapt its strategies to succeed in new categories [6][9] Market Dynamics - The hair dryer market is becoming increasingly competitive, with many brands offering similar products at lower prices, leading to a decline in Lefan's market share [3][4] - The electric shaver market is characterized by a growing demand for portability and high-end features, with average prices increasing by 23.7% year-on-year [7][8] - Despite the challenges, Lefan's strategy of offering high-performance products at competitive prices may provide opportunities for success in the electric shaver market if they can enhance brand perception and consumer recognition [9]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with a slight improvement in Q1 2025, while maintaining a stable cash dividend policy [1][2][4] Financial Performance - In 2024, the company achieved total revenue of 4.1 billion (YoY -18%) and net profit attributable to shareholders of 500 million (YoY -55%) [1] - For Q1 2025, revenue was 1.2 billion (YoY -1%), with net profit around 180 million (YoY +0.5%) [1] - The cash dividend for 2024 is set at 0.5 per 10 shares (including tax), with a cash dividend rate of 48% [1] Product and Brand Analysis - Revenue from personal care appliances, life appliances, and other products in 2024 was 3.96 billion, 60 million, and 110 million respectively, with declines of 17%, 39%, and 36% [2] - The Broye brand showed resilience with a revenue of 880 million in 2024 (YoY +2%), increasing its share of total revenue by 4.2 percentage points to 21.4% [2] Cost and Profitability Metrics - The gross margin for 2024 and Q1 2025 was 54.6% and 56.2% respectively, with slight year-on-year declines [3] - The sales expense ratio increased significantly in 2024, attributed to higher promotional costs and employee compensation [3] - The net profit margin improved in Q1 2025 to 15.6% (YoY +0.3 percentage points) [3] Cash Flow and Inventory Management - Operating net cash flow for 2024 and Q1 2025 was 300 million and 320 million respectively, down from 1.31 billion and 240 million in the previous year [3] - Inventory turnover days increased to 106 and 96 days for 2024 and Q1 2025, indicating a reasonable inventory level [3] Profit Forecast and Valuation - The company revised down its net profit forecasts for 2025 and 2026 to 680 million and 760 million, reflecting a 13% and 12% reduction respectively [4] - The current stock price corresponds to a price-to-earnings ratio of 23, 20, and 19 for 2025, 2026, and 2027 respectively [4] - The company is positioned as a leader in the personal care small appliance industry, focusing on "R&D innovation" and "brand operation" as core competitive advantages [4]