文|丁禹 编|孟帅 因一起爆炸事故，一款标榜"耐高温"的爆款养生壶，将有着"创意小家电第一股"之称的小熊电器"炸"到了舆论的风口浪尖。 事实上，此番并非是小熊电器首次遭遇类似的质量风波。在黑猫投诉平台上，曾有多位消费者反馈过小熊电器包括产品爆炸等在内的质量问题。 风波之外，小熊电器的业绩在去年增长有所放缓后，终于在上半年回暖。近年来，为了构筑起更为多元化的营收结构，靠厨房小家电起家的小熊电 器，正大力拓展个护小家电等业务。 以下文章来源于雷达Finance ，作者X编辑 雷达Finance . 遨游广袤的财富世界。 来源|雷达财经 回看小熊电器的资本之路，天眼查显示，小熊电器于2019年8月登陆A股。2021年，创始人李一峰携家族以92.1亿元的财富跻身《新财富杂志500创 富榜》，但仅一年后，其名字便从该榜单中消失。 中报显示，上半年，小熊电器个护小家电板块的营收暴涨415.99%，但该板块的毛利率却下降8.29个百分点，"以价换量"的增长模式隐忧显现。 01 小熊电器养生壶爆炸，致1岁小孩大面积烫伤 小熊电器卷入的这起引发广泛关注的安全事故，发生在9月20日。 据新京报报道，当天，济南一位用户家中的小熊电 ...

9月27日，济南一网民称，20日家里小熊电器养生壶突然爆炸致一岁孩子全身40%大面积烫伤。 从产品结构来看，个护小家电业务表现尤为突出，销售收入从去年同期的0.63亿元大幅提升至3.24亿 元，同比增长415.99%。尽管小熊电器个护小家电及海外市场，销售额大幅攀升，但其营业成本分别同 比上升489.35%和139.60%，毛利率则分别下降8.29%和0.21%。 在费用方面，销售费用、管理费用、研发费用都有所增加。小熊电器上半年销售费用4.30 亿元，同比增 长 8.04%；管理费用 1.12 亿元，同比增长 6.67%；研发费用 1.06 亿元，同比增长 13.98% 。 从股权结构来看，李一峰与张红夫妇通过佛山市兆峰投资有限公司持有小熊电器44.12%的股份，该公 司由二人全资控股。此外，李一峰直接持有公司2.19%的股份。 公开资料显示，李一峰1970年出生，广东梅县人，中国国籍，持有澳大利亚永久居留权。 9月22日，小熊电器在公司回答调研者提问时表示，调整厨房小家电品类策略，实现客单价增长；公司 加大母婴小家电研发资源投入，推出系列爆款产品，实现产品全面升级；对外统一风格和调性，实现视 觉全面升级， ...

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 69.5 yuan [2][8]. Core Insights - The company reported a revenue of 2.54 billion yuan for H1 2025, representing a year-over-year increase of 18.9%. The net profit attributable to shareholders was 210 million yuan, up 27.3% year-over-year. For Q2 2025, the revenue was 1.21 billion yuan, showing a significant year-over-year growth of 29.6%, while the net profit reached 75 million yuan, a remarkable increase of 641.5% [2][8]. - The revenue growth is attributed to both organic growth and the consolidation of Roman Smart, driven by government subsidy policies, effective new channel strategies, and successful new product categories [8]. - The company's gross margin improved to 37.2% in H1 2025, up 0.5 percentage points year-over-year, with Q2 2025 gross margin at 37.6%, an increase of 3.2 percentage points year-over-year [8]. - The net profit margin for H1 2025 was 8.1%, reflecting a year-over-year increase of 0.5 percentage points, with Q2 2025 net profit margin at 6.2%, up 5.1 percentage points year-over-year [8]. - The report forecasts net profits for 2025, 2026, and 2027 to be 380 million yuan, 440 million yuan, and 460 million yuan respectively, with corresponding P/E ratios of 23, 20, and 19 [8]. Financial Summary - For 2025, the company is projected to achieve total revenue of 5.43 billion yuan, a growth rate of 14.2% compared to 2024. The net profit is expected to be 376 million yuan, reflecting a growth rate of 30.8% [4][9]. - The company’s total assets are estimated to reach 6.51 billion yuan by 2025, with a debt-to-equity ratio of 21.9% [9]. - The report indicates a significant reduction in financial expenses due to increased interest income, contributing positively to profits [8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a significant improvement in performance for Q2 2025, with a revenue of 1.215 billion yuan, representing a year-on-year growth of 29.58%. The net profit attributable to the parent company reached 75 million yuan, a remarkable increase of 641.50% [2][4]. - The company achieved a total revenue of 2.535 billion yuan in the first half of 2025, marking an 18.94% year-on-year increase, and a net profit of 205 million yuan, up 27.32% year-on-year [4][5]. - The growth in revenue was driven by strong performance in both domestic and international markets, with domestic sales increasing by 8.39% and international sales soaring by 138.84% [11]. Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 2.535 billion yuan, with a net profit of 205 million yuan and a non-recurring net profit of 187 million yuan, reflecting growth rates of 18.94%, 27.32%, and 52.45% respectively [4][11]. - For Q2 2025, the company reported revenue of 1.215 billion yuan and a net profit of 75 million yuan, with the non-recurring net profit showing a significant decline of 657.00% [2][4]. Product Performance - The kitchen small appliances segment generated 1.673 billion yuan in revenue, a 5.02% increase, accounting for 66.02% of total revenue. This growth was supported by national subsidy policies and strategic adjustments in product offerings [11]. - The personal care small appliances segment saw a dramatic increase in revenue to 324 million yuan, up 415.99%, largely due to high-value orders from the Roman Smart brand [11]. - The mother and baby small appliances segment achieved 145 million yuan in revenue, a 40.54% increase, driven by enhanced R&D efforts and successful product launches [11]. Market Dynamics - The company has effectively expanded its overseas sales channels, contributing to a 138.84% increase in international sales [11]. - The overall gross margin for H1 2025 was 37.19%, with a slight increase of 0.49 percentage points year-on-year, indicating improved operational efficiency [11]. Future Outlook - The company is expected to continue leveraging its strong brand recognition and innovative product development to capture growth opportunities in the creative small appliances market. Projections for net profit from 2025 to 2027 are 397 million, 443 million, and 479 million yuan, respectively, with corresponding P/E ratios of 21.54, 19.29, and 17.84 [11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated significant revenue growth in Q2 2025, with a year-on-year increase of 29.6% to 1.22 billion yuan, driven by the successful acquisition of Roman Smart and improvements in the Bear brand [4][5] - The forecast for net profit has been revised upwards for 2025-2027, with expected net profits of 426 million, 480 million, and 530 million yuan respectively, reflecting a strong growth outlook [4][8] - The report emphasizes the long-term potential of category expansion and the synergistic effects of acquisitions to drive performance growth [4] Financial Performance Summary - In Q1 2025, the company's revenue was 1.32 billion yuan, with a net profit of 130 million yuan, while in Q2 2025, revenue reached 1.22 billion yuan with a net profit of 75 million yuan [4] - The gross margin improved to 37.6% in Q2 2025, up 3.2 percentage points year-on-year, attributed to a higher proportion of high-margin products and reduced competition [6] - The company’s operating expenses decreased significantly, leading to an improved net profit margin of 6.2% in Q2 2025, up 5.1 percentage points year-on-year [6] Revenue Breakdown - For H1 2025, revenue from various product categories was as follows: kitchen appliances 1.67 billion yuan (+5%), personal care 320 million yuan (+416%), maternal and infant products 150 million yuan (+41%), and other small appliances 140 million yuan (+20%) [5] - Domestic revenue was 2.12 billion yuan (+8%), while international revenue surged to 410 million yuan (+139%), indicating strong growth from the Roman Smart acquisition [5] Valuation Metrics - The current price-to-earnings (P/E) ratio is projected at 19.3 for 2025, decreasing to 15.5 by 2027, indicating an attractive valuation as earnings grow [4][8] - The expected earnings per share (EPS) for 2025 is 2.71 yuan, with projections of 3.06 yuan and 3.37 yuan for 2026 and 2027 respectively [8]

Group 1 - The core viewpoint of the news is the performance and market position of Bear Electric, which saw a stock price increase of 5.13% to 55.15 CNY per share, with a total market capitalization of 8.661 billion CNY [1] - Bear Electric was established on March 16, 2006, and went public on August 23, 2019, focusing on the research, design, production, and sales of creative small home appliances [1] - The revenue composition of Bear Electric includes kitchen small appliances (66.02%), personal care small appliances (12.77%), lifestyle small appliances (8.09%), maternal and infant small appliances (5.73%), and other small appliances (5.35%) [1] Group 2 - According to data, one fund under Xinda Australia has Bear Electric as a top ten heavy stock, with the Xinda Consumer Preferred Mixed A Fund holding 22,100 shares, accounting for 4.73% of the fund's net value [2] - The Xinda Consumer Preferred Mixed A Fund was established on September 4, 2012, with a latest scale of 21.6843 million CNY, and has achieved a year-to-date return of 2.73% [2] - The fund manager, Liu Weihua, has been in position for 4 years and 204 days, with the fund's total asset scale at 433 million CNY [2]

Group 1 - The core viewpoint of the news is the performance and market position of Xiaoxiong Electric, which saw a stock price increase of 5.13% to 55.15 CNY per share, with a total market capitalization of 8.661 billion CNY [1] - Xiaoxiong Electric's main business involves the research, design, production, and sales of creative small home appliances, with revenue composition as follows: kitchen small appliances 66.02%, personal care small appliances 12.77%, life small appliances 8.09%, maternal and infant small appliances 5.73%, other small appliances 5.35%, and others 2.04% [1] Group 2 - From the perspective of major circulating shareholders, a fund under China Merchants Fund, specifically the China Merchants Quantitative Selected Stock A (001917), entered the top ten circulating shareholders of Xiaoxiong Electric in the second quarter, holding 1.1328 million shares, accounting for 0.75% of circulating shares [2] - The China Merchants Quantitative Selected Stock A fund has achieved a year-to-date return of 37.35% and a one-year return of 73.66%, ranking 744 out of 4223 and 928 out of 3780 respectively in its category [2] Group 3 - The fund manager of China Merchants Quantitative Selected Stock A is Wang Ping, who has a cumulative tenure of 15 years and 76 days, with the fund's total asset size at 16.687 billion CNY [3] - During Wang Ping's tenure, the best fund return was 253.36%, while the worst return was -70.6% [3]

Core Insights - The company reported a strong performance in H1 2025, with revenue of 2.535 billion yuan (+18.94%) and a net profit of 205 million yuan (+27.32%) [1] - The second quarter of 2025 saw a significant recovery in profits, with Q2 revenue reaching 1.215 billion yuan (+29.58%) and net profit soaring to 75 million yuan (+641.50%) [1] - The company’s overseas business showed remarkable growth, with H1 revenue from international markets increasing by 138.84% to 412 million yuan [1] Financial Performance - In H1 2025, the company’s revenue from various segments included kitchen small appliances at 1.673 billion yuan (+5.02%), personal care appliances at 324 million yuan (+415.99%), and maternal and infant appliances at 145 million yuan (+40.54%) [1] - The gross profit margin for Q2 2025 improved to 37.60% (+3.21 percentage points), driven by an increase in average transaction value and a higher proportion of high-margin products [2] - The net profit margin for Q2 2025 reached 6.76% (+5.68 percentage points), benefiting from optimized expense ratios across various categories [2] Business Strategy - The company is enhancing the operational quality of its kitchen small appliances by establishing a dedicated kitchen division and optimizing product strategies to increase average transaction values [3] - The company is advancing its "Roman Smart" strategy to secure high-value orders and improve market penetration through participation in international exhibitions and the introduction of innovative products [3] Industry Outlook - The kitchen small appliance industry is experiencing a structural upgrade trend, driven by government subsidies and increasing consumer interest in mid-to-high-end products [4] - The company’s kitchen small appliance segment is expected to drive growth, with personal care and maternal-infant appliances emerging as new growth drivers [4] - The company is projected to achieve net profits of 414 million yuan, 480 million yuan, and 546 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 2.64, 3.06, and 3.48 yuan [4]

Core Viewpoint - The company reported strong financial performance in H1 2025, with significant growth in revenue and net profit, driven by new product categories and overseas expansion [4][5]. Financial Performance - In H1 2025, the company achieved revenue of 2.5 billion yuan, a year-on-year increase of 19%, with net profit attributable to shareholders at 200 million yuan, reflecting a 27% increase [4]. - Q2 2025 saw revenue of 1.2 billion yuan, up 30% year-on-year, and net profit attributable to shareholders reached 80 million yuan, marking a substantial increase of 642% [4]. Business Segmentation - Domestic and international revenue for H1 2025 was 2.1 billion yuan and 400 million yuan, respectively, representing year-on-year growth of 8% and 139% [5]. - The overseas revenue share increased by 8.2 percentage points, partly due to the consolidation of Roman Intelligent, which contributed 290 million yuan in revenue [5]. - Revenue from kitchen, lifestyle, personal care, and maternal and infant small appliances was 1.7 billion, 200 million, 300 million, and 100 million yuan, respectively, with personal care and maternal and infant segments showing significant growth [5]. Profitability and Cost Management - Gross margins for H1 2025 and Q2 2025 were 37.2% and 37.6%, respectively, reflecting an increase due to reduced price competition in the industry [6]. - Net profit margins were 8.1% for H1 2025 and 6.2% for Q2 2025, with a notable increase in Q2 [6]. - The company reported a decrease in selling, administrative, and R&D expense ratios, indicating improved cost management amid a less competitive environment [6]. Cash Flow and Balance Sheet - As of the end of H1 2025, the company had cash and cash equivalents plus trading financial assets totaling 2.7 billion yuan, slightly up from 2.6 billion yuan year-on-year [6]. - The net cash flow from operating activities was 140 million yuan, a significant improvement from a negative 170 million yuan in the same period last year [6].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][24]. Core Views - The company has shown accelerated revenue growth and significant profit recovery in H1 2025, with revenue reaching 2.53 billion (+18.9%) and net profit attributable to shareholders at 200 million (+27.3%) [1]. - The kitchen small appliance sector is stabilizing and showing upward trends, benefiting from national subsidy policies, which have led to a recovery in prices and improved demand for mid-to-high-end products [1][2]. - Emerging categories such as maternal and infant care and personal care appliances are growing rapidly, with maternal and infant small appliance revenue increasing by 40.5% to 150 million and personal care appliances growing by 416.0% to 320 million [2]. - The company's gross margin and profitability have improved significantly, with H1 gross margin at 37.2% (+0.5 percentage points) and net profit margin at 6.2% (+5.1 percentage points) [3]. Summary by Sections Revenue and Profitability - In H1 2025, the company achieved revenue of 2.53 billion, a year-on-year increase of 18.9%, and a net profit of 200 million, up 27.3% [1]. - Q2 2025 saw revenue of 1.21 billion (+29.6%) and net profit of 80 million (+641.5%) [1]. - The company’s H1 gross margin improved to 37.2%, with Q2 gross margin at 37.6% [3]. Market Trends - The kitchen small appliance market in China saw a retail sales increase of 9.3% to 31.9 billion in H1 2025, with average retail prices expected to rise over 10% [1]. - Domestic sales increased by 8.4% to 2.12 billion, while overseas sales surged by 138.8% to 410 million, largely due to the contribution from the acquisition of Roman Smart [2]. Financial Forecasts - The company’s net profit forecasts for 2025-2027 have been raised to 450 million, 518 million, and 584 million, respectively, reflecting a year-on-year growth of 56%, 15%, and 13% [4][5]. - The projected PE ratios for 2025, 2026, and 2027 are 19, 17, and 15 times, respectively [4].