| 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | √其他 （电话会议） | | 参与单位名称及 | 兴业证券颜晓晴&苏子杰、安信基金管理梁冰哲&肖璇、鹏 | | 人员姓名 | 华基金管理范晶伟、合煦智远基金管理张夺、平安资产管理 | | | 万淑珊、浙商基金管理邓怡、中金公司汤亚玮&卢璐、国泰 | | | 海通证券李汉颖&曲世强、摩根士丹利凌珈瑜、华泰证券 | | | (上海)资产管理逯海燕、国投证券苏雅蕙、西藏东财基金管 | | | 理唐忠、天风证券宗艳、大成基金管理徐雄晖等。 | | | UBS Rennie Pan& Molly Huang、ADIA Alick Lu、Aberdeen | | | Aijing Yan、Pleiad Investment Advisors Simon Sun、JP Morgan | | | Yibo Wu、Manulife Wenlin Li、Overlook Investments Jason | | | Lin、Pol ...

Summary of Key Points from the Conference Call Industry Overview - The small home appliance industry entered a plateau phase after 2021, but new categories like air fryers and coffee machines showed remarkable growth in 2022, with air fryers increasing by 88% and coffee machines by 41% [1][2][4]. - The macroeconomic downturn in 2023-2024 is expected to impact consumer spending, but the national subsidy policy in Q4 2024 is anticipated to boost confidence, particularly benefiting mid-to-high-end products [1][2][4]. Core Insights and Arguments - By 2025, small appliance companies are expected to face a mild recovery in demand, reduced competition, and improved profitability, driven by fiscal subsidies and low base effects [1][4]. - Online sales channels have become the mainstream for small appliances, accounting for 79% of sales, with platforms implementing cost-reduction policies to alleviate pressure on brands [1][5]. - Brands like Xiaoxiong are optimizing product structures and focusing on high-end products to enhance brand image and profitability, while also emphasizing marketing efficiency and supply chain cost reduction [1][6]. Future Trends and Recommendations - The kitchen small appliance market is projected to recover in 2025, with significant price-driven growth expected. The domestic market is entering a phase of enhanced product capabilities [1][7]. - Recommended companies to watch include Xiaoxiong, Feike, Delma, and the stable dividend-paying leader Supor, as well as the promising water purification company Yunmi Technology [1][7]. Market Environment and Strategic Directions - Current market conditions for small appliance companies include moderate demand recovery, easing competition, and improving profitability, with a focus on high-quality development [4]. - Companies are adopting various strategic directions, including market penetration, product development, market expansion, and diversification to adapt to the plateau phase [8][10]. - The mother and baby small appliance market is particularly strong, with Xiaoxiong's revenue in this segment growing by 32% in 2024, outperforming other business areas [2][9]. Additional Important Insights - The online retail share of kitchen small appliances rose from 55% in 2019 to 67% in 2020 due to the pandemic, with brands like Xiaoxiong, Beiding, and Xinbao seeing significant revenue growth [2]. - Platforms are shifting their strategies towards GMV (Gross Merchandise Volume) to enhance user engagement, repeat purchase rates, and average transaction value, leading to a reduction in price competition [5]. - Companies are increasingly focusing on overseas markets due to prolonged domestic demand weakness, with brands like Xiaoxiong and Beiding achieving substantial growth in international sales [10].

Group 1: Company Performance and Sales Outlook - The company achieved growth in both domestic and international sales in Q1 2025, supported by the government's trade-in policy and local government cooperation [2] - The company aims to maintain better-than-industry performance in domestic sales and stable growth in international sales through continuous product innovation and channel transformation [2] Group 2: Impact of Tariffs and Competition - The high tariffs imposed by the U.S. on Chinese exports have a minimal impact on the company due to its low exposure in the North American market and flexible capacity allocation through its Vietnam base [3] - To maintain profit margins amid intense competition, the company focuses on resource investment in sales growth and product innovation, while implementing strict cost management [3] Group 3: New Product Categories and Innovations - The company evaluates new product categories based on market capacity and technological iteration potential, with plans to enter segments like desktop water purifiers and tea machines [4] - In 2024, the company launched innovative products such as the IH rice cooker and titanium non-stick frying pan in its traditional strong categories [4] Group 4: Dividend Policy and Online Sales Channels - The company has a high dividend payout ratio and plans future dividends based on capital expenditure and cash flow conditions [4] - Online sales channels, particularly traditional e-commerce platforms like Tmall, JD.com, and Pinduoduo, remain stable contributors to sales, while social e-commerce platforms are experiencing rapid growth [4]