机器人板块 2026 年展望，1 月金股德昌股份投资逻辑更 新 20260105 Q&A 2026 年机器人板块的发展趋势如何？ 2026 年将是机器人板块进入 1 到 10 演绎阶段的关键一年，预计今年下半年会 进入量产阶段。无论是上半年还是下半年，不同的板块都存在相应的投资机会。 上半年，特斯拉机器人的定点及供应链将进行产能准备，国内机器人本体也会 跟进，头部企业可能出现新的边际变化。投资者可以关注特斯拉三代机器人的 供应链格局，以及国内机器人本体的迭代和量产情况。 德昌股份家电业务占比超 80%，汽车 EPS 电机业务快速放量，增速高 且盈利水平高。公司不仅是传统家电公司，更在汽车 EPS 电机领域具备 领先地位，并可将成功经验复制到机器人电机环节。 德昌股份自 2017 年切入汽车 EPS 电机赛道，2024 年营收达 4 亿元人 民币，取得全球知名系统厂商订单，在该领域处于领先地位。目前毛利 率约 20%，净利率约 15%，预计今年营收可达 7 亿元人民币，具备高 速增长潜力。 德昌股份的 EPS 电机产品具有显著优势，产品力强大，满足头部客户高 要求，联合研发响应迅速，成本端相较于主要竞争对手尼德 ...

1月3日，长春市商务局发布《长春市"冰雪盛惠·'长'享消费"家电消费券活动延期公告》，长春市"冰雪 盛惠·'长'享消费"家电消费券补贴活动延期至2026年1月30日24:00，期间，如资金使用完毕，则活动即 刻结束。具体如下： 长春市"冰雪盛惠·'长'享消费" 家电消费券活动延期公告 2、小家电10类产品，包括扫（拖）地机、电磁炉（含电陶炉）、电烤箱（电蒸箱）、空气净化器（含 新风系统）、加湿器（除湿机）、取暖器（含空调扇）、打印机（扫描仪）、料理机、吹风机、电压力 煲。 二、补贴标准 1、大家电的6类产品，购买1级能效或水效标准的，补贴标准为产品销售价格的20%，每件补贴不超过 2000元；购买2级及其他能效或水效标准的，补贴标准为产品销售价格的15%，每件补贴不超过1500 元。每位消费者每类产品可补贴1件。 2、小家电的10类产品，补贴标准为。产品销售价格的15%。每位消费者每类产品可补贴1件，每件补贴 不超过1500元。 三、具体流程 1、领券。消费者实名登录云闪付APP，在首页点击"消费补贴"进入"长春消费券"专区，领取参与活动 的各品类消费券。补贴券领取后当天有效，若补贴资格未使用，当日24时后过 ...

Core Viewpoint - The article discusses the challenges faced by the company, Lefun, particularly in the electric toothbrush and shaver markets, highlighting issues with pricing, competition, and product development [5][9][21]. Group 1: Product Launch and Market Position - Lefun's second-generation electric toothbrush was launched quietly on December 15, with a starting price of 399 yuan, significantly higher than the first generation's 249 yuan [5]. - The new toothbrush addresses previous issues such as charging contact oxidation and includes new features like pressure reminders, but faces stiff competition from Usmile, which offers similar products at lower prices [6]. - Lefun's marketing strategy of offering a 30% discount for old users has been criticized for being less beneficial than selling the old product on second-hand platforms [6]. Group 2: Financial Performance and Growth Challenges - Lefun's GMV target for 2025 is 6 billion yuan, but its performance in recent sales events has been disappointing, with a 40% decline in GMV from 5 billion yuan in 2024 to just over 3 billion yuan this year [11]. - The company has seen a decline in growth rates, with double 11 sales increasing from 2.9 billion yuan in 2022 to 5 billion yuan in 2024, but the growth rate has dropped from 51.7% to 13% [11]. - Lefun's electric toothbrush line reported a net loss of 80 million yuan in 2024, despite initial strong sales [16]. Group 3: Strategic Shifts and New Product Development - Lefun is attempting to diversify its product offerings by entering the floor cleaning machine market, which has shown significant growth potential [29][30]. - The company is also planning to open 300 physical stores in key cities to enhance its market presence [29]. - Despite the ambitious plans, the company faces challenges in product development, particularly in the highly competitive and mature market of electric shavers, where it has struggled to achieve profitability [21][24]. Group 4: Competitive Landscape and Market Dynamics - The electric shaver market is experiencing a decline, with a 9.5% drop in retail volume and an 8.1% decrease in retail value in 2024 [26]. - Lefun's strategy of competing on price has led to low profit margins, making it difficult to sustain growth against established competitors [27]. - The company is at a crossroads, needing to innovate and find a breakthrough product to regain its status as a market leader [33].

据红星新闻报道，英国首富、戴森（Dyson）公司创始人詹姆斯·戴森（James Dyson）近日对其家族财富管理架构进行了重大调整。根据对公 司注册文件的分析，戴森家族的投资公司韦伯恩（Weybourne Group）2025年从其英国主要实体向新加坡控股公司转移了至少6.24亿英镑的资 金，使得英国实体的账面资本仅剩1英镑。 韦伯恩（Weybourne Group）的备案文件显示，2025年3月，韦伯恩（Weybourne Group）的主要英国实体便向其新加坡母公司返还了2420万英 镑的股本。12月，该实体进一步撤回了6亿英镑，由此完成了今年大规模的资金转移目标。戴森公司一位高管此前曾表示，这笔交易有助于改 善整体治理结构。 2024年8月，韦伯恩（Weybourne Group）宣布将由Jane Simpson担任首席投资官，这也是该机构首次迎来一位女掌门。 Jane Simpson毕业于牛津大学。进入戴森家办之前，Jane Simpson较长的一段工作经历便是在Botts Capital，后者由欧洲私募股权巨头 CVC 资本 前高管所创立。2018年，Jane加入戴森家族办公室。在这次晋升之前，她的 ...

Group 1 - The company, Greebo (301260.SZ), focuses on the research, design, production, and sales of new energy garden machinery [1] - Main products include lawn mowers, grass trimmers, blowers, pruners, chainsaws, smart lawn mowing robots, and smart riding lawn mowers [1] - Currently, the company does not have snow removal robot products [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 出品：新浪财经上市公司研究院 作者：木予 近三年股价低迷不振的嘉美包装，因一纸要约收购公告收获了五个一字涨停。 公告显示，嘉美包装的控股股东中国食品包装有限公司（简称：中包香港）已于12月16日与苏州逐越鸿智科技发展合伙企业（有限合伙）（简称：逐越鸿 智）签署《股份转让协议》。逐越鸿智将以每股4.45元的价格，受让中包香港所持有的约2.79亿股股份，约占公司总股本29.9%，总对价为12.43亿元。中包 香港承诺，标的股份转让完成后，将放弃行使所持全部股份的表决权。 与此同时，逐越鸿智将向嘉美包装全体股东（除自身或指定关联方外）发出部分要约收购，以同样4.45元/股价格计划收购2.33亿股股份，约占公司总股本 25.0%，总对价为10.39亿元。原主要股东中包香港、富新投资和中凯投资分别持股1.03亿股、8899.19万股、2327.91万股，已承诺预受要约。这意味着，逐 越鸿智已经锁定约92.4%的目标收购股份。 若交易顺利完成，逐越鸿智将最高斥资22.82亿元，获得不超过54.9%的股权，成为嘉美包装的控股股东。而据天眼查公开信息披露，逐越鸿智的最终受益人 ...

以下文章来源于豹变 ，作者娜娜 即使有马斯克和雷军两个成功的案例在前，我们还是不得不问一句追觅，这么庞大的叙事里，真正的 成长主线在哪里呢？ 豹变 . 直抵核心。做最具穿透力、洞察力的商业观察，深度影响未来。 本文来自微信公众号： 豹变 ，作者：娜娜，编辑：邢昀，原文标题：《追觅创始人，花22亿买个 「旧壳」想讲新故事》 尽管通过收购拥有了资本运作的壳，并画出了媲美马斯克与雷军的业务版图，但追觅仍需回答其庞大 生态中真正的技术协同主线与增长核心。 七年前，追觅出圈的时候，估计谁也没想到这家卖智能家居，尤其以扫地机器人被大众熟悉的品牌， 要"上天"。 最近追觅创始人俞浩用22.82亿元拿下了A股上市公司嘉美包装的控制权，从智能家居到食品包装， 这个看起来跨度比较大的操作引发市场纷纷猜测：究竟是为了产业协同，还是意在资本运作？ 这也不是追觅第一次跨圈了，造车、机器人、天文BU，这几年追觅的叙事越来越宏大，在俞浩的口 中，追觅要构建的是"人-车-家-太空-宇宙"全球高端科技生态，可以说是融合了雷军和马斯克两人设 计的概念。在这个背景下，追觅的业务越铺越重，身子也越来越沉。 22亿的壳子 俞浩，又出手了。 近期，其旗 ...

Core Insights - The trend of foreign tourists purchasing Chinese technology products has become prominent, with items like foldable phones and AI glasses being popular souvenirs [1][4] - China's visa policies have been optimized, allowing for easier access for tourists, which has expanded their shopping experiences beyond traditional attractions to tech hubs [1][2] - The shift towards immersive shopping experiences is transforming consumer behavior, with technology products serving as a new medium for cultural exchange [3][4] Group 1: Technology Products and Consumer Behavior - Foreign tourists are increasingly drawn to Chinese tech products, which are seen as unique souvenirs that reflect modern innovation and culture [1][4] - The shopping experience has evolved from simple transactions to immersive environments where consumers can engage with products, such as 3D printing experiences [3][4] - The integration of AI technology in products, such as real-time translation glasses, enhances communication and cultural exchange among tourists [2][3] Group 2: E-commerce and Supply Chain Innovations - The rapid growth of e-commerce in China is characterized by quick delivery times and a fully digitalized supply chain, significantly improving the shopping experience for international customers [5][6] - Companies are leveraging AI to optimize product selection and marketing strategies, leading to faster response times and increased efficiency in the supply chain [6][7] - The emergence of flexible supply chains allows for quick adaptations to consumer demands, exemplified by the success of innovative products like solar-powered hats [6][7] Group 3: Enhancing Consumer Experience - Simplified tax refund processes for international tourists, such as "immediate buy and refund" services, are enhancing the shopping experience and encouraging more purchases [8][9] - The use of technology in retail, such as self-service tax refund applications, is streamlining the purchasing process and improving customer satisfaction [8][9] - Social media plays a crucial role in promoting Chinese tech products, as tourists share their experiences, thereby increasing brand visibility and consumer interest [9][10] Group 4: Global Positioning of Chinese Manufacturing - China's manufacturing sector is transitioning from a cost-driven model to one focused on technology and brand innovation, establishing a sustainable competitive edge in the global market [7] - The narrative of Chinese manufacturing is shifting from being merely a "world factory" to becoming a global hub for innovative consumer experiences [9][10] - The cultural significance of technology products is being recognized globally, as they serve as a bridge for understanding Chinese lifestyle and innovation [4][9]

Core Viewpoint - Greebo (301260) has a diverse product portfolio exceeding 1500 SKUs, catering to both household consumers and professional landscaping companies, indicating strong market potential and innovation in outdoor equipment [1] Group 1: Product Offerings - The company's products are categorized into various types including cleaning machines, lawn mowers, blowers, pruning machines, chainsaws, smart zero-turn riding lawn mowers, smart lawn mowing robots, and power tools [1] - The product range is designed to meet the needs of consumers in outdoor, garage, living room, leisure, and travel scenarios, as well as providing comprehensive solutions for professional landscaping companies [1] Group 2: Sales Performance - For the first half of 2025, the lawn mower product line achieved sales of 787 million yuan, reflecting a year-on-year growth of 5.95% [1] - The zero-turn riding lawn mower segment reported sales of 175 million yuan in the same period, with a significant year-on-year increase of 63.02%, showcasing a promising market outlook [1]

Core Viewpoint - Greebo (301260.SZ) has a diverse product portfolio exceeding 1500 SKUs, catering to both household consumers and professional landscaping companies, indicating strong market potential and innovation in outdoor equipment [1] Product Categories - The company's products are categorized into cleaning machines, lawn mowers, blowers, pruners, chainsaws, smart zero-turn riding mowers, smart robotic mowers, and power tools [1] Sales Performance - For the first half of 2025, the lawn mower product line achieved sales of 787 million yuan, reflecting a year-on-year growth of 5.95% [1] - The zero-turn riding mower segment reported sales of 175 million yuan in the same period, with a significant year-on-year increase of 63.02%, showcasing a promising market outlook [1]