行 业 及 产 业 家用电器 2025 年 11 月 16 日 各品牌陆续发布双十一战报，九阳 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120003 liujl@swsresearch.com 本期投资提示： ⚫ 本周家电板块跑赢沪深 300 指数。本周申万家用电器板块指数上涨 1.1%，同期沪深 300 指数下降 1.1%。重点公司方面，九阳股份（26.6%）、莱克电气（12.2%）、海信视 像（7.1%）领涨；三花智控（-12.3%）、荣泰健康（-2.6%）、科沃斯（-1.5%）领跌。 ⚫ 行业动态：1）石头科技发布双十一战报：登顶清洁电器品牌 TOP1，扫地机市场份额 TOP1，达到 34.75%，洗地机市场份额 TOP2，达到 25.02%，净销售额同比增长 408.52%。吸尘器净销售额同比增长 2295.52%。2）九阳豆业"哈基米豆浆"引领热 潮：九阳豆业推出名为"哈基米南北绿豆豆浆"的植物饮料并在消费市场掀起热潮，九 阳豆浆旗舰店所属公司为杭州 ...

Core Viewpoint - The recent surge in stock price of Jiuyang Co., Ltd. is attributed to the popularity of a new plant-based drink named "Haqimi North-South Green Bean Soy Milk," despite the company clarifying that it has no direct association with the product [1] Group 1: Stock Performance - Jiuyang's stock price experienced a continuous rise from November 7 to 14, with closing prices hitting a daily limit on November 13 and 14, reaching 12.17 yuan per share and a single-day increase of 10.04%, resulting in a total market capitalization of approximately 9.286 billion yuan [1] Group 2: Product Clarification - Jiuyang Co. publicly stated on November 13 that it does not have any products related to "Haqimi," emphasizing that its main business focuses on kitchen small appliances and does not involve food or beverage products [1] - The "Haqimi North-South Green Bean Soy Milk" is a new product launched by Hangzhou Jiuyang Bean Products Co., Ltd., which operates independently from Jiuyang Co. but shares the same actual controller, Wang Xuning [1] Group 3: Related Transactions - In October 2023, Jiuyang Co. announced a patent transfer and trademark licensing agreement with Hangzhou Jiuyang Bean Products Co., Ltd., involving four authorized invention patents for a total transfer fee of 158,800 yuan and a permanent, non-exclusive trademark license for 36 million yuan [2] - The financial report indicates that there were related transactions between Jiuyang Co. and Hangzhou Jiuyang Bean Products Co. amounting to approximately 462,600 yuan for "purchased goods," along with rental income of about 1.6721 million yuan expected in the first half of 2025 for leasing services provided by Jiuyang Co. [2]

新京报贝壳财经讯（记者阎侠）近日，一款名为"哈基米南北绿豆豆浆"的植物饮料在消费市场掀起热 潮，并将九阳股份称为"哈基米第一股"。11月7日至14日期间，九阳股份的股价持续上涨，其中，13日 和14日均收盘涨停。11月14日，九阳股份的股票收盘价为12.17元/股，单日涨幅为10.04%，公司总市值 约为92.86亿元。 新京报贝壳财经记者梳理发现，九阳豆浆旗舰店背后是杭州九阳豆业有限公司，九阳股份的全称为九阳 股份有限公司。目前，杭州九阳豆业有限公司和九阳股份有限公司之间并无直接的股权关系，但二者存 在关联关系，实际控制人均为王旭宁。 2023年10月，九阳股份发布关于专利转让及商号使用许可暨关联交易的公告称，九阳股份及其子公司拟 与杭州九阳豆业有限公司开展专利转让及商号使用许可暨关联交易事项，本次专利转让涉及四项已授权 发明专利，转让费用总计为人民币15.88万元；本次拟授予杭州九阳豆业有限公司"九阳"商号的使用许 可系永久、非排他许可，商号许可使用范围仅限定于九阳豆业现有业务范围且不得转许可（对子公司转 许可除外），许可费用为人民币3600万元。 财报显示，今年上半年，九阳股份有限公司和杭州九阳豆业有限 ...