9月21日，全球科技领先的净水专家安吉尔在深圳成功举办"空间大师热销暨首创矿物质饮水机"新品发布会。会上，安吉尔正式推出行业首创的黄金比矿物 质饮水机，引领行业进入净饮水新时代。发布会现场安吉尔集团董事长兼总裁孔那正式宣布启动"全民净饮水1亿补贴普惠计划"，引发现场众人惊呼。据 悉，安吉尔此举旨在推动高品质净饮水普及，助力千万家庭升级健康美好的饮用水生活。 此次安吉尔推出"全民净饮水1亿补贴普惠计划"，将大幅降低高端净水产品的体验门槛，不仅让更多消费者以更优价格享受到高品质的健康饮水体验，也将 为行业带来一场健康饮水普及风暴。普惠计划不仅是安吉尔对用户的真诚回馈，更是品牌践行企业社会责任、推动全民健康净饮水普及的重要举措。 据悉，本次企业补贴可通过云闪付平台领取，消费者可前往全国各安吉尔门店或咨询线上客服了解具体细则。 本次发布的重磅新品——安吉尔首创黄金比矿物质饮水机，采用多项创新科技，搭载钙镁黄金比系统与专利传感技术，可实时监测矿物质含量，确保每一杯 水质安全健康；创新双水路设计，可同时提供纯净水和矿物质水，满足补水、泡茶、泡咖啡等不同用水需求。同时安吉尔空间大师系列也迎来了升级版本的 发布，全新超能版本 ...

上 市 公 司 家用电器 | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 2.07 | | 资产负债率% | 56.53 | | 总股本/流通 A 股（百万） | 611/464 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 09-24 10-24 11-24 12-24 01-24 02-24 03-24 04-24 05-24 06-24 07-24 08-24 09-24 0% 10% 20% 30% 40% 开能健康 沪深300指数 (收益率) 相关研究 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120003 liujl@swsresearch.com 2025 年 09 月 25 日 开能健康 (300272) ——点评：打造细胞产业为公司第二曲线，主业稳健增长 报告原因：有信息公布需要点评 增持（维持） | 市场数据： | 2025 年 09 月 24 日 | | --- | --- | | 收盘价（元） | 6.46 ...

根据官方介绍，安吉尔此次推出的黄金比矿物质饮水机，搭载专利钙镁黄金比系统，借助专利传感技术实现对水中钙镁含量及比例的实时监测；产品还 采用创新双水路设计，可自由选择纯水或矿物质水，轻松满足冲奶、泡茶、直饮等多种家庭饮水场景。与此同时，安吉尔还推出空间大师系列全屋大水量净 水器超能版M7 Home 1200及全屋Mini软水机超能版等新品。其中，M7 Home 1200应用V12超能泵2.0技术，在将净水流量提升50%的同时，运行噪音降低 30%。 近年来，随着净水行业的蓬勃发展，国人的安全饮水需求已基本得到满足，用户关注点逐渐升级至"健康饮水"。9月21日，国内专业净水品牌安吉尔 （Angel）在深圳召开以"净水科技，全球领先"为主题的新品发布会，推出品牌首款黄金比矿物质饮水机及空间大师系列全屋净水产品，并宣布品牌终端形 象识别系统（SI）全面升级。 马云飞/摄 安吉尔集团成立于1987年，总部位于深圳，始终专注于净饮水领域。1988年，安吉尔研制出中国第一台净水器，开创国内行业发展先河；1992年推出首 台超滤净水器，并于2000年前实现年销售额突破10亿元。2013年底，安吉尔启动战略转型，从传统饮水机市 ...

天眼查App显示，近日，泸州市江阳区扬丰聚力净水设备经营部（个体工商户）成立，法定代表人为杨 凌峰，注册资本1万人民币，经营范围为许可项目：现制现售饮用水。（依法须经批准的项目，经相关 部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）一般项目：五金产 品零售；电子产品销售；日用品销售；日用百货销售；直饮水设备销售。（除依法须经批准的项目外， 凭营业执照依法自主开展经营活动）。 ...

Core Viewpoint - The 15th Xinjiang Kashgar Central Asia and South Asia Commodity Fair highlights the strong momentum of foreign trade growth in Kashgar, which serves as a frontier for China's westward opening [1][14]. Group 1: Event Overview - The fair opened on August 15 at the Kashgar International Exhibition Center, showcasing various products from Central Asia and South Asia [1]. - Exhibitors included companies from Tajikistan and Kazakhstan, featuring unique clothing, honey, and cultural products [4]. Group 2: Product Highlights - Carbon Source Material (Xinjiang) Technology Co., Ltd. showcased diamond jewelry produced using international leading MPCVD technology, with production established in Shache County, Kashgar [6]. - Xinjiang Fusha Biotechnology Co., Ltd. presented almond essential oil, with a 9,000 square meter R&D production base under construction, focusing on the deep processing of almond plant products for beauty and health industries [8]. - General Water Purification, a foreign company, aims to expand its market in Central and South Asia by showcasing water purification products at the fair, with plans to establish a production line in Shache County [10]. Group 3: Economic Impact and Collaboration - The Shanghai industry aid to Xinjiang and consumption assistance model combines Kashgar's products with Shanghai's market and R&D capabilities, enhancing local industries [12]. - The fair featured a diverse range of exhibitors, including state-owned enterprises and foreign companies, reflecting a collaborative effort in industrial aid to Xinjiang [13]. - The total import and export value of Kashgar reached 99.44 billion yuan in 2024, marking an 18.8% year-on-year increase, accounting for 22.9% of Xinjiang's total foreign trade [14].

Core Viewpoint - Lionhead Co., Ltd. has announced a significant change in its acquisition plan for Lipu Technology, reducing the acquisition stake from 100% to 97.4399% due to unpaid share transfer payments by the founder [2][8]. The financial performance of Lipu Technology has also shown a notable decline, with the projected net profit for 2024 revised down from 43.27 million to 35.01 million, indicating a nearly 20% reduction [2][12]. Financial Performance - As of the end of 2023, Lipu Technology's asset-liability ratios were 83.8%, 74.92%, and 71.21% for the years 2023, 2024, and May 2025 respectively [3]. The company's revenue for the first five months of this year was 123 million, while its inventory reached 220 million, indicating a high inventory turnover issue [3][12]. - The net profit for Lipu Technology is projected at 35.01 million for 2024, with a performance commitment for 2025 set at "not less than 33 million," suggesting potential negative growth [12][13]. Acquisition Details - The acquisition involves purchasing 97.4399% of Lipu Technology's shares from 14 parties, with a total valuation of 679.8 million yuan, resulting in a price-to-earnings ratio of 19.42 [2][8]. The share issuance price for the new shares is set at 6.69 yuan, which is approximately 47% lower than the closing price on August 6 [8][12]. - The acquisition is structured with differentiated pricing for various transaction parties, with valuations ranging significantly, indicating a complex pricing strategy [18]. Strategic Intent - Lionhead Co., Ltd. aims to transform its business model by entering the machine vision sector through this acquisition, seeking to create a second growth curve and enhance its profitability [11][12]. However, the financial health of Lipu Technology raises concerns about the sustainability of this strategy given its high debt and inventory levels [10][12].

Core Insights - The article highlights the emerging trend of cross-industry collaboration, particularly between the real estate and water purification sectors, as a new value growth point for companies like Angel [1][4] - The implementation of the national standard for residential projects in May 2025 marks a shift in the real estate industry towards product quality as a core competitive advantage [1] - There is a significant unmet demand for whole-house water purification systems among consumers, as evidenced by internal data from Angel indicating that 90% of potential customers do not complete purchases through home decoration companies [2][4] Industry Trends - The real estate sector is transitioning to a user value-oriented model, prompting developers to create homes that genuinely meet user needs, moving away from traditional practices [1][4] - Home decoration companies are also undergoing a transformation, focusing on service enhancement and user experience to adapt to rising customer expectations and competition [4][5] - The younger generations (post-90s and post-00s) are becoming the main consumers in home decoration, seeking efficient, one-stop solutions and emphasizing health in their water purification needs [5][6] Company Strategy - Angel plans to establish "in-store" setups within home decoration companies' retail spaces to engage directly with consumers who have renovation needs [3][8] - The introduction of the "Space Master" series of whole-house water purification systems addresses the challenge of limited installation space in smaller homes, allowing for easy installation before or after renovations [9][12] - Angel's innovative approach has led to a significant reduction in the price of whole-house water purification systems, making them accessible to a broader range of households [12][15] Product Development - The "Space Master" series is designed to meet the evolving consumer demand for comprehensive water purification solutions, moving beyond basic safety to encompass health and convenience [9][12] - Angel emphasizes continuous innovation as a core competency, focusing on understanding and addressing real consumer pain points through technological advancements [15]

Core Viewpoint - The development of Tibet Qingjiang Electric Technology Co., Ltd. exemplifies how innovation and social responsibility can drive growth in the private economy of Tibet, addressing local needs for oxygen supply and improving living standards [1][2]. Company Overview - Tibet Qingjiang has evolved from developing high-quality oxygen machines to becoming a national high-tech enterprise with a diverse portfolio including oxygen supply, heating, and water purification [1]. - The company has achieved sales of approximately 150 million yuan in 2024 and has sold over 40,000 oxygen devices in the past three years [1]. Technological Innovations - The company has developed a highland diffusion oxygen direct current compressor, which is 40% more energy-efficient and has a lifespan three times longer than traditional alternating current compressors [1]. - Innovations in heating systems utilize solar energy with high-temperature resistant black ceramic plates, which can last up to 30 years, significantly outperforming traditional metal collectors [2]. - In the water purification sector, the company has created a three-in-one reverse osmosis membrane that improves water taste while retaining essential trace elements [2]. Social Impact - The company's growth has led to the creation of over 100 job opportunities for local university students through partnerships with local technical colleges [2]. - In 2023, the company donated 52 oxygen machines and 3 centralized oxygen supply units to the remote area of Pumajiangtang, demonstrating its commitment to social responsibility [2]. Market Positioning - The company aims to make oxygen machines affordable and accessible to every household, positioning them as essential health appliances that bridge technology and highland living [2].

Core Insights - The introduction of national subsidies for water purifiers in 2025 has led to explosive growth in the industry, with offline market sales increasing by 40% year-on-year in the first half of 2025 [1] - Haier Water Purification leads the market with an 18% share in sales and a 20.3% share in volume, achieving a remarkable sales growth of 68.2% compared to the previous year [1] Group 1: Market Trends - The demand for diverse water usage is evolving, with consumers seeking not only health benefits but also convenience and quality in their drinking water [3] - Haier has developed a comprehensive product matrix that includes various functions such as purification and softening, catering to different family scenarios and enhancing user experience [3] Group 2: Product Innovations - Haier's "Golden Mineral Spring" water purifier utilizes natural minerals from a specific geographic area to provide beneficial minerals for health, promoting the concept of "drinking is nurturing" [3] - The "Fresh Water" purifier offers a fresh and pure drinking experience, while the "Water Magic Cube" softener is designed for easy installation in various home types, making healthy soft water accessible to more households [3] Group 3: Service Excellence - Haier Water Purification addresses traditional service pain points by offering a one-stop solution from purchase to after-sales, ensuring a seamless user experience [5] - The company provides personalized installation plans based on water quality assessments and offers real-time monitoring through a smart app, enhancing customer convenience [5] - The new series of Haier's fresh water purifiers features an "8-year no filter change" capability and a "free replacement for exceeding standards" service, reducing user costs and concerns [5]

Core Viewpoint - Angel Group announced its full entry into the Indonesian commercial product market, addressing severe water quality challenges in Indonesia, particularly in densely populated cities like Jakarta and Yogyakarta [1][2]. Group 1: Company Strategy - Angel Group held a strategic launch event in Jakarta, Indonesia, to introduce its advanced water purification technologies, including long-lasting reverse osmosis filters and AI smart multi-way valves [1]. - The company emphasizes that clean drinking water is a basic human right and aims to provide safer, more efficient, and intelligent water purification solutions across various sectors, including government, education, and retail [1]. Group 2: Market Presence - Angel Group has established a local service network covering 41 cities in Indonesia, offering installation, water quality testing, and after-sales services [1]. - The company has a strong system capability in energy conservation and modular design, aligning well with the diverse water purification needs of the Indonesian market [1]. Group 3: Strategic Partnerships - Angel Group announced a strategic partnership with TOMORO COFFEE, a well-known coffee chain in Southeast Asia, to install its water purification systems in all Indonesian stores and develop customized water quality optimization solutions [2]. - The company initiated a dual-track cooperation plan to expand market channels with local distributors and collaborate with universities for localized water purification technology development [2]. Group 4: Industry Background - Angel Group has 37 years of experience in the Chinese drinking water sector, with products including public drinking machines and water treatment systems, and has a global presence in 65 countries [2].