证券日报网讯 1月8日，新宝股份在互动平台回答投资者提问时表示，公司目前研发、生产的智能产品 主要集中在清洁电器领域及厨房电器领域等小家电，已有部分产品推出海外市场，销售规模还不大。公 司将持续不断加强研发投入，未来会扩展核心研究领域，增加公司产品品类丰富度，向商用机领域、个 人护理领域、宠物电器领域、高智能园林工具领域等产品品类拓展，部分产品可能也会加入智能的元 素。 （文章来源：证券日报） ...

Core Insights - Dell's financial report reveals that over 80% of its PC revenue in FY2024 comes from commercial machines, indicating that flashy gaming laptops are a minority in its product lineup [2] - In the current economic climate, consumer spending is tight, while the commercial sector is providing a rare source of stability for tech giants [3] - Companies prioritize stability and sustainability over flashy features, leading IT giants like Dell and HP to focus on the lucrative commercial business [4] Market Dynamics - The commercial sector has high entry barriers, making it difficult for new players to enter, which results in a natural oligopoly [7] - Customer stickiness is strong in the commercial business, as selling hardware is just the beginning; long-term maintenance, software licensing, and asset management follow [8] - The lock-in effect is significant, as once companies choose their IT systems, switching costs increase, leading to stable and sustainable cash flows [9] Evaluation Criteria - In the commercial market, safety and compliance take precedence over design and cutting-edge technology, with total cost of ownership (TCO) and predictability being key concerns [11] - The procurement decision-making process in commercial settings often prioritizes financial and operational metrics over user experience [16] - Trust is a critical factor in the commercial sector, and establishing a reliable relationship can lead to long-term growth [12] Huawei's Strategy - Huawei's "Huawei Qingyun" has made significant strides in the commercial sector, serving over 100,000 industry clients and implementing over 90 scenario-based solutions [14] - The company aims to balance cost, efficiency, and user experience by leveraging its consumer product capabilities in commercial settings [16][17] - Huawei's approach includes integrating AI and collaborative capabilities into commercial products, enhancing user experience while meeting compliance requirements [19] Brand Positioning - Huawei Qingyun has developed a unified brand expression, which is crucial for accelerating business growth in a market dominated by established players [21] - The company is positioned as a pioneer in the HarmonyOS commercial sector, providing not just hardware but also a sustainable value network through ecosystem collaboration [22] - The HarmonyOS enterprise version aims to provide a secure and controllable technology foundation for businesses, facilitating digital transformation across various industries [24] Future Outlook - The competition in the commercial sector will shift from merely providing durable or cheaper products to balancing organizational management security with employee efficiency [27] - Companies that can build resilient digital foundations for various industries will secure their place in the next decade of digitalization [27]

Group 1: Export Strategy and Market Expansion - The company has a global export business, primarily focusing on ODM/OEM orders, with exports accounting for approximately 75% of total sales [3] - Plans for self-owned brand expansion in emerging markets are currently in the trial phase, with a small scale of operations [2] - The company aims to enhance domestic market penetration through innovation-driven strategies, with a focus on launching new products in the second half of 2025 [3] Group 2: Research and Development Investments - The company invested nearly 270 million in R&D in the first half of the year, focusing on various product categories including kitchen appliances and personal care products [4] - A new appliance research institute was established in 2024 to bolster R&D efforts and product innovation [3] - Continuous investment in R&D is expected to yield new product series that meet market demands, particularly in smart and personalized small appliances [4] Group 3: Financial Health and Risk Management - The company's asset-liability ratio was 46.31% at the end of 2024 and decreased to 44.73% by mid-2025, indicating a reasonable financial structure [4] - Strategies to mitigate foreign exchange risks include the use of foreign exchange derivatives and timely settlement arrangements [4] - The company is focused on optimizing its capital structure and may consider equity financing to improve financial stability [4] Group 4: Product Innovation and Market Trends - The company is committed to enhancing product innovation across various categories, including commercial machines and smart gardening tools [3] - Future product launches will include innovations that cater to the growing demand for smart home and IoT products [4] - Collaboration with new consumer sectors is being explored to meet personalized demands in small appliances [6]