Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant year-on-year growth in both revenue and net profit, driven by new product categories and expansion into overseas markets [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 2.53 billion yuan, representing a year-on-year increase of 18.9%, and a net profit attributable to shareholders of 200 million yuan, up 27.3% year-on-year [1]. - For Q2 2025, the company recorded revenue of 1.21 billion yuan, a year-on-year growth of 29.6%, and a net profit of 80 million yuan, reflecting a substantial increase of 641.5% year-on-year [1]. - The net profit margin for Q2 was 6.2%, an increase of 5.1 percentage points year-on-year, attributed to reduced price competition in the kitchen small appliance sector and improved product mix [2]. Market Dynamics - The demand for kitchen small appliances was boosted by domestic appliance replacement policies, with online sales increasing by 15% year-on-year and average prices rising by 9% [1]. - Key product categories such as juicers, health pots, and chef machines saw rapid sales growth in Q2 [1]. - The company’s overseas business faced challenges due to U.S. tariffs, but the consolidation of Roman Smart in July 2024 is expected to contribute additional revenue [1]. Cash Flow and Cost Management - The company reported a significant increase in operating cash flow for Q2, with a net cash flow increase of 140 million yuan year-on-year, driven by rapid sales growth [2]. - Cost management strategies led to reductions in management, R&D, and sales expense ratios by 1.7, 1.3, and 0.9 percentage points respectively [2]. Investment Outlook - The company is positioned as a leading player in the online small appliance market, with a focus on capturing market demand and enhancing brand strength through product refinement [2]. - Earnings per share (EPS) projections for 2025 to 2027 are estimated at 2.48, 2.70, and 2.91 yuan respectively, with a maintained buy rating and a target price of 66.89 yuan based on a 27 times price-to-earnings ratio for 2025 [2].

2025 年 08 月 29 日 小熊电器(002959.SZ) Q2 收入快速增长，盈利能力显著改善 事件：小熊电器公布 2025 年半年度公告。公司 2025H1 实现收 入 25.3 亿元，YoY+18.9%；实现归母净利润 2.0 亿元，YoY+27.3%。 经折算，Q2 单季度实现收入 12.1 亿元，YoY+29.6%；实现归母净 利润 0.8 亿元，YoY+641.5%。展望后续，随着公司不断拓展新品 类，持续发力海外市场，收入有望保持增长趋势。 Q2 收入实现快速增长：国内家电以旧换新政策提振厨房小家电 行业需求。根据久谦，Q2 小熊线上销售额 YoY+15%，均价 YoY+9%。 从品类来看，Q2 小熊线上榨汁机、养生壶、厨师机等品类销售实 现快速增长。我们分析 Q2 公司内销业务实现良好增长。另一方 面，受美国关税的影响，我们判断 Q2 公司海外业务（不含罗曼智 能）有所承压。此外，2024 年 7 月公司并表罗曼智能，为公司收 入带来增量。2025H1 罗曼智能实现收入 2.9 亿元。剔除罗曼智能 收入后，2025H1 公司收入同比+5.5%。 Q2 盈利能力同比提升显著：Q2 公司归母 ...