Core Viewpoint - Jiuyang Co., Ltd. has clarified its non-involvement in the food and beverage sector amidst stock price fluctuations attributed to the "Hakimi" concept, emphasizing its focus on the small home appliance industry [1] Group 1: Stock Performance - Jiuyang's stock price experienced a cumulative increase of 20.95% over two trading days (November 13 and 14, 2025), leading to a market capitalization growth of over 1.6 billion yuan, reaching 9.286 billion yuan [1] - The stock hit its first trading limit on November 13 due to the popularity of "Hakimi soy milk," followed by another limit-up on November 14 [1] Group 2: Company Clarification - Jiuyang stated that it does not engage in the research, production, or sales of food and beverage products, focusing solely on kitchen small appliances [1] - The company clarified on November 13 that there is no equity relationship with "Jiuyang Soy Milk," which is associated with the recently popular "Hakimi" product [1] - Jiuyang exited its shareholder position in Hangzhou Jiuyang Soybean Products Co., Ltd. in December 2023, confirming no direct equity ties between the two companies [1]

Core Insights - The stock price of Aishida increased by 2.61% on November 14, reaching 13.77 CNY per share, with a market capitalization of 4.691 billion CNY [1] - Aishida's main business segments include cookware (71.88%), small appliances (14.40%), and robotics (10.55%) [1][2] - For the period from January to September 2025, Aishida reported a revenue of 1.954 billion CNY, a year-on-year decrease of 7.57%, and a net profit loss of 58.99 million CNY, a decline of 3652.15% [2] Stock Performance - Year-to-date, Aishida's stock price has decreased by 2.70%, with a recent 5-day increase of 2.38% and a 20-day decrease of 2.34% [1] - The stock has appeared on the "龙虎榜" (top trading list) twice this year, with the latest occurrence on May 22 [1] Shareholder Information - As of September 30, 2025, Aishida had 47,900 shareholders, a decrease of 4.63% from the previous period, with an average of 6,200 circulating shares per shareholder, an increase of 4.86% [2] - The total cash dividends distributed by Aishida since its A-share listing amount to 409 million CNY, with 6.1315 million CNY distributed in the last three years [3] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the eighth largest circulating shareholder, holding 1.3258 million shares as a new shareholder [3]

格隆汇11月13日丨九阳股份(002242.SZ)在互动平台表示，公司没有哈基米hachimi相关的产品，公司主 营业务及产品聚焦于厨房小家电领域，公司及其下属公司均不涉及食品、饮品类产品。 ...

人民财讯11月13日电，九阳股份（002242）今日在互动平台表示，公司没有哈基米hachimi相关的产 品，公司主营业务及产品聚焦于厨房小家电领域，公司及其下属公司均不涉及食品、饮品类产品。 ...

Core Viewpoint - The home appliance retail industry is experiencing structural differentiation due to multiple factors such as the reduction of national subsidies and intensified competition, making operational resilience and robust development capabilities the focus of market attention [1] Industry Overview - The core variable in the home appliance market in 2025 remains the "trade-in for new" national subsidy policy, which has seen a phase adjustment leading to a slowdown in industry growth [2] - From January to September 2025, the home appliance retail sales increased by 5.2% year-on-year to 670.1 billion yuan, but the market showed a "high before low" characteristic, with a significant decline in the third quarter [2] - In the third quarter, retail sales fell by 3.2% year-on-year, with September seeing a drop of 19.2%, directly impacting the growth rate for the first three quarters [2] - Major appliance categories such as televisions, air conditioners, refrigerators, and washing machines experienced double-digit declines, with television sales down 19.3% and air conditioner sales down 28.1% from January to September 2025 [2] Company Performance - Despite the overall pressure in the home appliance and commerce sectors, the company achieved a relatively stable operational performance, reporting a revenue of 38.131 billion yuan and a net profit of 73.33 million yuan for the first three quarters of 2025 [3] - The company has maintained profitability for six consecutive quarters, with third-quarter revenue reaching 12.236 billion yuan and a net profit of 24.637 million yuan [3] Business Segments - The company's core business remained stable, with a 3.5% year-on-year increase in store sales and a 5.4% increase in comparable store sales for home appliances and 3C products in the first three quarters [5] - The retail cloud business saw a 7% year-on-year increase in sales revenue, while the government and enterprise business also experienced rapid growth [5] - The company expanded its store network, adding 31 new stores in the first three quarters, excluding adjustments to certain supermarket electrical stores [5] Strategic Initiatives - The company is focusing on internal improvements, optimizing store scenarios, and implementing a large store strategy to enhance competitive differentiation [5] - To capitalize on the Mid-Autumn Festival and National Day, the company opened seven upgraded Suning Max stores in key cities, enhancing the retail experience [6] - The company is deepening supply chain collaboration and has announced an early start to the Double 11 shopping festival, launching a "True Benefit Supplement" product in partnership with major brands [8] - The company is actively addressing debt issues, with a reported decrease in the asset-liability ratio by 0.49% compared to the beginning of the period [8] Long-term Outlook - The home appliance industry is transitioning into an "AI" phase, with significant growth in AI-integrated products, indicating a shift in consumer preferences and expectations [11] - The company is investing in AI technology to enhance operational efficiency and is exploring partnerships to build a comprehensive AI ecosystem [9] - The company's long-term investments in store upgrades and renovations may lead to short-term cost increases but are expected to yield long-term benefits [13]

Investment Rating - The industry investment rating is "Outperform the Market" [90] Core Viewpoints - The report emphasizes the rise of emotional consumption in the home appliance sector, driven by increasing disposable income and changing consumer preferences towards emotional value [8][9][13] - The emotional economy market in China is projected to grow significantly, reaching approximately 27,185.50 billion yuan in 2025, with a year-on-year growth of 17.80% [13] - The report suggests focusing on three key areas: panoramic/sport cameras, robotic vacuum cleaners, and kitchen small appliances, which are expected to benefit from emotional value and technological advancements [85][86][87] Summary by Sections Emotional Value and Consumer Demand - The increase in disposable income in China has led to an upgrade in the structure of consumer demand, with per capita disposable income rising from 30,733 yuan in 2019 to 41,314 yuan in 2024, reflecting a CAGR of 6.10% [8] - Consumers are shifting from material needs to a pursuit of spiritual life, with emotional consumption becoming more prominent [9][13] Emotional Economy Market - The emotional economy market in China is expected to grow from 23,077.67 billion yuan in 2024 to over 45,000 billion yuan by 2029, indicating a robust growth trajectory [13] - Consumer preferences are categorized into three types: strong stickiness consumption (54.57%), social consumption (26.29%), and self-pleasure consumption (19.14%) [13] Key Consumer Demographics - The primary consumers of emotional products are young people, particularly those aged 25-34, who represent 44% of the emotional economy consumer base [20] - Emotional consumption is driven by the need for companionship and emotional resonance, with 97.34% of respondents indicating these as primary motivations [20] Product Trends - The demand for panoramic and sports cameras is increasing due to their ability to capture and share life experiences, with the global market for handheld smart imaging devices expected to grow significantly [39] - Robotic vacuum cleaners are gaining popularity as they offer technological advancements and emotional value by freeing up time for consumers [54][86] - Kitchen small appliances are seeing growth in categories like coffee machines and health-related products, driven by consumer interest in emotional value and functionality [67][87] Company Focus - The report recommends focusing on companies like Insta360 in the panoramic/sport camera sector, Roborock and Ecovacs in the robotic vacuum cleaner market, and Beiding and Bear in the kitchen small appliance segment [85][86][87]

Core Viewpoint - The stock price of Bear Electric has shown a slight increase of 0.59% year-to-date, but has experienced a decline of 4.53% in the last five trading days and 5.84% over the past 20 days, indicating a downward trend in the short term [2]. Group 1: Stock Performance - As of November 3, Bear Electric's stock price decreased by 2.07%, trading at 47.20 yuan per share with a market capitalization of 7.424 billion yuan [1]. - The stock has seen a trading volume of 28.22 million yuan, with a turnover rate of 0.39% [1]. - Year-to-date, the stock has increased by 0.59%, but has declined by 4.53% in the last five trading days, 5.84% in the last 20 days, and 2.32% in the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Bear Electric reported a revenue of 3.691 billion yuan, representing a year-on-year growth of 17.59%, and a net profit attributable to shareholders of 246 million yuan, up 36.49% year-on-year [2]. - Since its A-share listing, Bear Electric has distributed a total of 867 million yuan in dividends, with 465 million yuan distributed over the past three years [3]. Group 3: Shareholder Information - As of October 20, 2025, the number of shareholders for Bear Electric increased to 18,200, up by 1.39% from the previous period, with an average of 8,341 circulating shares per shareholder, a decrease of 1.37% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 1.7879 million shares, a decrease of 265,000 shares from the previous period, while China Europe Economic Growth Selected Mixed A has entered the list as a new shareholder with 1.6142 million shares [3].

Core Insights - JD.com launched a live streaming event called "JD Home Appliances and Furniture Price Comparison Class" on October 30, attracting over 6 million viewers and ranking first in JD's live streaming popularity [1][7][8] - The event featured price comparisons conducted by JD's procurement team and brand representatives, including Midea and ZhiHuaShi, emphasizing JD's commitment to low prices [1][4][8] Price Comparison Initiative - JD.com announced a "Price Comparison Bounty" of 1 million yuan, rewarding users with 10,000 yuan in JD Beans for reporting instances where JD's self-operated appliance prices were higher than those on other platforms [1][7] - During the live stream, users successfully reported price discrepancies as small as 0.02 yuan, leading to significant rewards and showcasing JD's transparency and commitment to competitive pricing [2][7] Brand Collaboration - JD.com partnered with ZhiHuaShi to establish a 5 million yuan "Price Guarantee Fund" to ensure the lowest prices for consumers during the 11.11 shopping festival [3] - This collaboration reflects both brands' commitment to maintaining a healthy e-commerce environment and protecting consumer rights [3][8] User Engagement and Network Impact - The live stream experienced network congestion due to the high volume of users attempting to connect and report price comparisons, demonstrating strong consumer engagement [2][7] - JD's proactive approach to price comparison has not only attracted consumers but also prompted competitors to adjust their strategies to avoid being outpriced [7][8] Future Plans - JD.com intends to continue prioritizing price comparison as a core aspect of its procurement strategy, reinforcing its dedication to consumer rights and competitive pricing [3][8] - Upcoming live streams will feature representatives from other brands, such as Haier, further enhancing the collaborative effort to provide consumers with the best prices [5][6]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [6] Core Insights - The company reported a revenue of 3.691 billion yuan for the first three quarters of 2025, representing an 18% year-on-year increase. The net profit attributable to shareholders was 246 million yuan, up 36% year-on-year, while the net profit excluding non-recurring items reached 227 million yuan, marking a 79% increase [3][6] - The performance in Q3 2025 was below market expectations, primarily due to reduced financial income and government subsidies. However, the kitchen small appliance market showed signs of recovery, with the integration of Roman Smart contributing to revenue growth [6] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 349 million, 390 million, and 441 million yuan respectively, with year-on-year growth rates of 21.1%, 11.8%, and 13.1% [6] Financial Data and Profit Forecast - For 2025, the total revenue is projected to be 5.274 billion yuan, with a year-on-year growth rate of 10.8%. The net profit is expected to be 349 million yuan, reflecting a 21.1% increase [5] - The gross margin for Q3 2025 improved to 37.10%, an increase of 3.76 percentage points year-on-year. The net profit margin for Q3 was recorded at 4.32%, up 1.75 percentage points year-on-year [6] - The company’s earnings per share for 2025 is estimated at 2.22 yuan, with a projected price-to-earnings ratio of 22 times [5][6]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company reported a year-on-year improvement in profitability, with a significant increase in net profit and a strong performance from the newly consolidated Roman Smart [4][7] - The kitchen small appliance market has shown signs of recovery, contributing to the company's revenue growth [7] - The company has adjusted its profit forecasts downward for 2025-2027, but continues to expect growth in net profit [7] Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 3.691 billion yuan, a year-on-year increase of 18% [4] - The net profit attributable to the parent company was 246 million yuan, up 36% year-on-year, while the non-recurring net profit increased by 79% [4] - The gross margin improved to 37.10%, an increase of 3.76 percentage points year-on-year [7] - The company expects net profits of 349 million, 390 million, and 441 million yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 21.1%, 11.8%, and 13.1% [6][7]