证券日报网讯 1月14日，新宝股份（002705）在互动平台回答投资者提问时表示，公司抗风险能力相对 中小企业更强。公司近年来不断持续加大研发投入，并于2024年设立了电器研究院，未来公司会扩展核 心研究领域，为公司持续强化专业产品创新能力、推出更多符合市场需求的创新产品赋能，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； 同时积极开拓全球市场，提高市场占有率。国内销售未来会以创新驱动为主，通过技术创新为国内销售 产品赋能；同时会持续强化自主品牌建设，加强渠道运营。 ...

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） ...

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]

Core Viewpoint - The pet economy in China is rapidly evolving, transforming pets from mere companions to family members, leading to significant market growth and investment opportunities in various sectors [5][6][8]. Industry Overview - The pet economy in China has seen a shift from strict regulations in the 1980s to a more supportive environment post-2000, allowing for increased pet ownership and market growth [8][10]. - The number of pets in urban areas is projected to exceed 120 million by the end of 2024, with the pet consumption market expected to reach 300.2 billion yuan, reflecting a year-on-year growth of 7.5% [13][14]. Company Insights - Youpai Technology, which started as an OEM for pet products, has shifted focus to its own brands, with pet diapers and related products accounting for nearly 74% of its revenue by August 2024 [5][10][14]. - The company has seen its overseas revenue increase from 46.69% to 62.51% over three years, indicating a strong reliance on international markets for growth [14]. - Domestic brands like Guobao Pet have begun to capture market share from established foreign brands, with Guobao achieving a revenue of 5.245 billion yuan in 2024, a 21.2% increase year-on-year [16][17]. Market Dynamics - The pet food market is projected to reach 158.5 billion yuan in 2024, making up 52.8% of the overall pet economy, with a notable shift towards domestic brands offering competitive pricing [16][20]. - The pet medical sector is also gaining traction, with companies like Pulaike reporting high profit margins on pet pharmaceuticals, indicating a lucrative opportunity in this segment [20][21]. Competitive Landscape - Despite the growth potential, the Chinese pet market lacks a dominant "national brand," with local companies still in the early stages of brand establishment compared to global giants like Mars and Nestlé [22][23]. - The market is characterized by a mix of established players and new entrants from various industries, including pharmaceuticals and electronics, indicating a trend of cross-industry investment in the pet sector [24]. Future Trends - The rise of smart pet products and innovative solutions is reshaping consumer expectations, with companies leveraging technology to create new market demands [24].