来源|贝多财经 湖北又增加一家上市公司。 6月25日，湖北香江电器股份有限公司（下称"香江电器"，HK:02619）在港交所上市。本次上市，香江 电器的发行价为2.86港元/股，全球发售约6822万H股，募资总额约为1.95亿港元，募资净额约1.56亿港 元。 上市首日，香江电器的开盘价为2.65港元/股，市值约7.2亿港元。而按发行价计算，香江电器的市值约 为7.8亿港元。本次上市，香江电器引入了3名基石投资者，合共认购该公司人民币8000万元的股份。 天眼查App信息显示，香江电器成立于2012年7月，位于湖北省黄冈市。目前，该公司的注册资本约为 2.05亿元，法定代表人为潘允，主要股东包括潘允、蕲春华钰科技管理中心（有限合伙）等。 据招股书介绍，香江电器是一家生活家居用品制造商。目前，香江电器主要以ODM/OEM模式运营，客 户群包括沃尔玛、Telebrands、SEB Asia Ltd （「SEB」）、Sensio、Hamilton Beach及飞利浦等。 具体而言，香江电器专注电器类家居用品及非电器类家居用品的研发、设计、生产与销售，尤其是厨房 小家电。根据弗若斯特沙利文报告，以2024年出口额计算 ...

随着高端巧克力消费年增速突破 11% ，柔性化、小批量生产正成为全球糖果制造商的核心竞争力。据 QYResearch 调研团队最新 报告"全球巧克力制造机市场报告 2025-2031 "显示，预计 2031 年全球巧克力制造机市场规模将达到 39.4 亿美元，未来几年年复 合增长率 CAGR 为 5.8% 。 其中智能微型生产线细分赛道增长率高达 23.7% ，推动设备技术从标准化量产向定制化智造全面转 型。 巧克力制造机 ，全球市场总体规模 全球 巧克力制造机 市场前 31 强生产商排名及市场占有率（基于 2 02 4 年调研数据；目前最新数据以本公司最新调研数据为准） 根据 QYResearch 头部企业研究中心调研，全球范围内巧克力制造机生产商主要包括 Buhler Group 、 Aasted 、 Selmi Group 、 Royal Duyvis Wiener (PROBAT) 、 Sollich 、 Sacmi 、 Hacos 、 WDS 、 PTL 、 Caotech B.V. 等。 2024 年，全球前五大厂商占有 大约 21.0% 的市场份额。 就产品类型而言，目前巧克力精炼和搅拌机是最主 ...

今天分享的是：东南亚小厨电电商行业市场洞察报告（2025年6月版） 报告共计：36页 东南亚家电市场规模虽仅为中国的31%，但发展态势良好。其人口约达中国人口的48%，为厨房家电销售提供了庞大潜在消费群体。随着经济发展和居民生 活水平的提升，对厨房家电的需求与要求也在持续增长。且东南亚各国饮食文化各具特色，消费者对厨房家电需求也各不相同。 从市场数据来看，东南亚小家电市场规模增长迅速，2022年需求量接近2.5亿件，印尼占据份额最多。2023年小家电市场营收预计达1134亿人民币，小家电 因更换频率高、种类多，占比远高于大家电。线上销售趋势逐渐显现，不过2025年线下渠道预计仍将保持80%以上份额。 在众多品类中，小型厨房家电用品在东南亚地区尤为受欢迎。如售价29.9RM的Swiss Thomas Free Whisk & Scraper多功能搅拌机，近一个月内销量达1.9万 件，位居TikTok马来西亚第一。该产品功能多样，集切碎、搅拌、切割、研磨等功能于一体，搭载100%铜芯电机，稳定性强，通过更换刀片还能实现多种 用途。其设计采用304不锈钢刀片与防滑硅橡胶垫，可拆卸部件易于清洁，考虑到东南亚气候炎热， ...

Group 1: IPO Information - Five companies are currently seeking IPOs on the Hong Kong Stock Exchange, with a rush to complete before June 30 to avoid additional reporting requirements [1] - Xiangjiang Electric (02619.HK) is offering 6,822 shares, with a price range of HKD 2.86 to 3.35, aiming for a market capitalization of HKD 780 million to 914 million [1] - The company has a price-to-earnings ratio of 6 times and plans to list on June 25, with cornerstone investors subscribing to 40.46% of the offering [1] Group 2: Company Overview - Xiangjiang Electric, established in 2012, operates primarily in the ODM/OEM model, producing kitchen appliances and non-electrical products [2] - The company ranks as the tenth largest in China's kitchen small appliance industry, holding a market share of 0.8% [2] - Notably, it has significant market shares in specific product categories, such as 24.6% in electric kettles in the U.S. and 59.6% in Canada [2] Group 3: Financial Performance - Revenue projections for Xiangjiang Electric show growth from RMB 1.1 billion in 2022 to RMB 1.5 billion in 2024, with net profits increasing from RMB 0.82 billion to RMB 1.40 billion [3][4] - The majority of revenue comes from electrical home appliances, which accounted for 79.2% of total revenue in 2024 [4] Group 4: Revenue Sources and Risks - 97.3% of the company's revenue is derived from the ODM/OEM model, with major clients including Walmart and Philips [5] - The company faces challenges with pricing power, as evidenced by a 3.2% drop in average prices for electric products amid rising material costs [5] - Xiangjiang Electric is expanding its production capacity overseas to mitigate tariff risks, with factories planned in Indonesia and Thailand [6][7] Group 5: Market Context and Valuation - The global small appliance market is projected to reach USD 183.5 billion in 2024, with kitchen appliances being the largest segment [8] - Xiangjiang Electric's IPO valuation is estimated at HKD 780 million to 914 million, which is lower than the average PE ratio of 8 times for Hong Kong manufacturing firms [8] - The company’s reliance on the ODM model poses sustainability challenges, necessitating a shift towards developing proprietary brands or acquiring smaller brands [8] Group 6: Subscription and Market Sentiment - The IPO is expected to be oversubscribed, with a potential subscription ratio of 34 times, indicating strong market interest [9] - However, the overall sentiment towards the stock is cautious, with some analysts suggesting a lack of compelling investment highlights [9]

Core Viewpoint - Hubei Xiangjiang Electric Co., Ltd. has passed the Hong Kong Stock Exchange listing hearing, moving closer to its IPO after previously withdrawing its application from the Shenzhen Stock Exchange [2] Group 1: Company Overview - Xiangjiang Electric was established in 2012, evolving from Xiangjiang Plastic founded in 1990, initially focusing on OEM processing before expanding into the research and production of electrical home appliances [2] - The company is primarily engaged in OBM business since 2016, selling its own brands such as Weimaisi and Accuteck, mainly through e-commerce platforms [2] - The founder, Pan Yun, holds 54.07% of the company shares, with Pan and his family controlling over 80% of the equity and 100% of the voting rights [2] Group 2: Financial Performance - Revenue figures for Xiangjiang Electric from 2022 to 2024 are projected at 1.097 billion, 1.188 billion, and 1.502 billion yuan, with a year-on-year growth rate of 26.36% in 2024 [3] - Net profit for the same period is estimated at approximately 80 million, 121 million, and 140 million yuan, with a year-on-year growth rate of 15.61% in 2024 [3] Group 3: Market Position - Xiangjiang Electric holds a significant position in China's kitchen small appliance export sector, particularly in the electric kettle market for the U.S. and Canada, ranking tenth in the industry with a market share of 0.8% based on 2024 export value [4] - The company has delivered products to over 70 countries and regions across six continents, with North America being its largest market, accounting for 71.2%, 83.6%, and 83.7% of total revenue from 2022 to 2024 [4] - Customer concentration is high, with the top five customers contributing to 62.4%, 72.4%, and 77.9% of total revenue from 2022 to 2024, and the largest customer accounting for 21.3%, 28.5%, and 24.1% of total revenue in the same period [4] Group 4: Production Expansion - To mitigate risks, Xiangjiang Electric has established two production bases in Southeast Asia, with a facility in Indonesia expected to commence operations in Q2 2025, focusing on manufacturing air fryers and other electric appliances [5] - The company plans to build another production base in Thailand, covering approximately 25,000 square meters, with new automated assembly lines for electric products and garden hoses, expected to start production in the second half of this year and undergo acceptance testing by September next year [5]

Group 1 - The company, 香江电器, plans to conduct an IPO from June 17 to June 20, 2025, offering 68.22 million shares, with 10% allocated for Hong Kong and 90% for international sales. The expected share price ranges from HKD 2.86 to HKD 3.35, with trading commencing on June 25, 2025 [1] - The company operates primarily in the ODM/OEM model and has established a customer base comprising globally recognized brands such as Walmart, Telebrands, SEB Asia Ltd, Sensio, Hamilton Beach, and Philips. The majority of its revenue comes from kitchen small appliances [1] - According to a report by Frost & Sullivan, the company ranks as the tenth largest player in China's kitchen small appliance industry with a market share of 0.8% based on export value in 2024 [1] Group 2 - The company focuses on the research, design, production, and sales of both electrical and non-electrical home products. Electrical home products are categorized into three main types: (i) heating appliances like electric ovens, air fryers, and electric kettles; (ii) electric appliances like mixers, egg beaters, and electric can openers; and (iii) electronic appliances like electronic scales, humidifiers, and laser lights. Non-electrical home products include garden hoses and cookware [2] - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for approximately 27.6 million shares, representing about 40.46% of the total shares offered, assuming a median offer price of HKD 3.11 per share [2] Group 3 - The company estimates that the net proceeds from the global offering will be approximately HKD 172 million (around RMB 159 million), assuming the median offer price of HKD 3.11 per share and that the over-allotment option is not exercised. The proceeds will be allocated as follows: approximately RMB 66.4 million (about HKD 71.9 million) for establishing a factory in Thailand, RMB 25.1 million (about HKD 27.2 million) for automation and digital upgrades, RMB 59.1 million (about HKD 64.1 million) for setting up a new R&D center, and RMB 7.9 million (about HKD 8.6 million) for general working capital [3]

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Williams-Sonoma (WSM) Q1 2026 Earnings Call May 22, 2025 10:00 AM ET Company Participants Jeremy Brooks - Senior VP, Chief Accounting Officer & Head of IRLaura Alber - President, CEO & DirectorJeff Howie - Executive VP & CFOMax Rakhlenko - Managing DirectorJonathan Matuszewski - Senior Vice PresidentSimeon Gutman - Managing DirectorEmily Ghosh - Equity Research Associate Conference Call Participants Bradley Thomas - Managing Director & Equity Research AnalystPeter Benedict - Senior Research AnalystCristina ...

Core Viewpoint - SharkNinja has demonstrated resilience and adaptability in the face of tariff challenges, posting strong financial results and raising its revenue and profit guidance for the year [1][9]. Company Overview - SharkNinja, which went public in mid-2023, aims to disrupt the consumer appliance industry with an aggressive approach [4]. - The company focuses on developing five-star-rated products based on customer pain points, fostering brand loyalty and potential virality [5]. Financial Performance - SharkNinja reported a 14.7% revenue growth in the first quarter and has increased its revenue guidance to 12% for the year, alongside adjusted earnings per share guidance raised to $4.95, reflecting a 13% growth [9]. - The company has achieved an average revenue growth of 21% since 2008 through consistent innovation and entry into new product categories [6]. Tariff Mitigation Strategies - SharkNinja has shifted a significant portion of its U.S. volume from China to other Southeast Asian countries, which currently face only a 10% tariff [10]. - The company has established close partnerships with contract manufacturers to secure cost reductions and discounts on materials [11]. - SharkNinja identified 1,500 cost-saving opportunities through value engineering processes, including adjustments to product configurations and features [12]. - The company has selectively raised prices on certain products without a noticeable drop in demand, indicating strong pricing power and competitive advantage [13]. Growth Potential - SharkNinja is targeting expansion into two new product subcategories annually and expects about one-third of its revenue to come from international markets in Europe and Latin America this year [15]. - The company has a return on equity exceeding 25%, suggesting efficient profit generation and long-term growth potential [16].

"朱法官，这是最后一批设备清单。" 为什么是五年？ 因为将办公用房、生产设备等核心资产五年使用权打包拍卖，刚好可以偿还企业欠款。而这一想法 正是出自朱海龙之手。 2023年，昂昂溪区法院陆续受理了昂昂溪某混凝土有限公司40余起拖欠劳动报酬和拖欠工资的劳动 仲裁案件。卷宗显示，企业拖欠工人工资和村集体土地使用权费用260余万元，但公司账户没有余额， 公司名下的车辆已抵押，孙玉芬个人名下的商品房也已流拍。 党的二十届三中全会强调，要"完善劳动者工资决定、合理增长、支付保障机制""加强劳动者权益 保障"。昂昂溪区法院在化解欠薪纠纷过程中，牢固树立保护劳动者合法权益与维护企业生存和健康发 展并重的理念，探索出了分期履行、劳务抵扣等方式助企纾困。 孙玉芬（化名）是黑龙江省齐齐哈尔市昂昂溪某混凝土有限公司全资股东。忙乎一个小时后，她将 清单目录递到了齐齐哈尔市昂昂溪区人民法院法官朱海龙手上。 明媚的春光里，孙玉芬终于等到现场评估的日子。 在厂房，评估师老李戴着安全帽，手持检测仪，俯身在一台搅拌机旁，一边检查一边说着："轴承 磨损严重，电机也超负荷工作过。" 孙玉芬上前一步说："工人每周都上油检修，要不是资金链断了，我们是 ...