1月8日，老板电器盘中上涨2.03%，截至11:24，报19.58元/股，成交1.60亿元，换手率0.89%，总市值 185.02亿元。 机构持仓方面，截止2025年9月30日，老板电器十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股6349.05万股，相比上期减少2739.89万股。工银价值精选混合A（019085）位居第三大流 通股东，持股1439.28万股，为新进股东。南方中证500ETF（510500）位居第七大流通股东，持股 685.57万股，相比上期减少18.33万股。 责任编辑：小浪快报 老板电器所属申万行业为：家用电器-厨卫电器-厨房电器。所属概念板块包括：价值品牌、DeepSeek概 念、智能家居、低市盈率、家用电器等。 截至9月30日，老板电器股东户数5.63万，较上期减少8.62%；人均流通股16577股，较上期增加9.43%。 2025年1月-9月，老板电器实现营业收入73.12亿元，同比减少1.14%；归母净利润11.57亿元，同比减少 3.73%。 分红方面，老板电器A股上市后累计派现68.47亿元。近三年，累计派现28.33亿元。 资金流向方面，主力资金净流出428 ...

老板电器今年以来股价跌4.89%，近5个交易日跌1.97%，近20日跌4.29%，近60日跌1.32%。 资料显示，杭州老板电器股份有限公司位于浙江省杭州市余杭区余杭经济开发区临平大道592号，成立 日期2000年11月7日，上市日期2010年11月23日，公司主营业务涉及厨房电器产品的研发、生产和销售, 主要产品包括吸油烟机、燃气灶、消毒柜,以及食品加工机等配套厨房小家电产品。主营业务收入构成 为：吸油烟机47.86%，燃气灶25.10%，洗碗机7.33%，一体机6.51%，消毒柜2.64%，其他(补 充)2.36%，热水器2.31%，橱柜2.21%，集成灶2.18%，其他小家电0.51%，蒸箱0.37%，净水器0.31%， 烤箱0.31%。 老板电器所属申万行业为：家用电器-厨卫电器-厨房电器。所属概念板块包括：价值品牌、DeepSeek概 念、智能家居、家用电器、融资融券等。 12月22日，老板电器盘中下跌2.02%，截至13:50，报19.43元/股，成交1.52亿元，换手率0.83%，总市值 183.60亿元。 资金流向方面，主力资金净流出254.87万元，特大单买入0.00元，占比0.00%，卖出 ...

Core Viewpoint - Boss Electric experienced a decline of 1.98% in stock price on November 17, with a trading volume of 146 million yuan, indicating potential market concerns regarding its financial performance and investor sentiment [1]. Financing Summary - On November 17, Boss Electric had a financing buy-in amount of 13.79 million yuan and a financing repayment of 11.89 million yuan, resulting in a net financing buy of 1.90 million yuan [1]. - As of November 17, the total financing and securities lending balance for Boss Electric was 240 million yuan, with the current financing balance at 237 million yuan, accounting for 1.27% of the circulating market value, which is above the 70th percentile of the past year [1]. - The securities lending aspect showed that 1,600 shares were repaid on November 17, with no shares sold, and the remaining securities lending volume was 114,200 shares, with a balance of 2.26 million yuan, which is below the 50th percentile of the past year [1]. Company Overview - Boss Electric, established on November 7, 2000, and listed on November 23, 2010, is located in Hangzhou, Zhejiang Province, specializing in the research, production, and sales of kitchen appliances [2]. - The main revenue sources for Boss Electric include range hoods (47.86%), gas stoves (25.10%), dishwashers (7.33%), integrated machines (6.51%), and sterilizers (2.64%), among others [2]. - As of September 30, 2025, the number of shareholders was 56,300, a decrease of 8.62%, while the average circulating shares per person increased by 9.43% to 16,577 shares [2]. Financial Performance - For the period from January to September 2025, Boss Electric reported a revenue of 7.31 billion yuan, a year-on-year decrease of 1.14%, and a net profit attributable to shareholders of 1.16 billion yuan, down 3.73% year-on-year [2]. - Since its A-share listing, Boss Electric has distributed a total of 6.85 billion yuan in dividends, with 2.83 billion yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, the second-largest circulating shareholder of Boss Electric was Hong Kong Central Clearing Limited, holding 63.49 million shares, a decrease of 27.40 million shares from the previous period [3]. - ICBC Value Selection Mixed A (019085) entered as the third-largest circulating shareholder with 14.39 million shares, while Southern CSI 500 ETF (510500) was the seventh-largest, holding 6.86 million shares, a decrease of 183,300 shares from the previous period [3].

Core Viewpoint - The stock price of Boss Electric has experienced a decline of 3.28% year-to-date, with a recent drop of 2.08% on November 17, 2023, indicating potential concerns among investors regarding the company's performance and market conditions [1][2]. Company Overview - Boss Electric, established on November 7, 2000, and listed on November 23, 2010, is located in Hangzhou, Zhejiang Province. The company specializes in the research, production, and sales of kitchen appliances, including range hoods, gas stoves, dishwashers, and food processors [1][2]. - The revenue composition of Boss Electric is as follows: range hoods 47.86%, gas stoves 25.10%, dishwashers 7.33%, integrated machines 6.51%, sterilizers 2.64%, and other small kitchen appliances [1]. Financial Performance - For the period from January to September 2025, Boss Electric reported a revenue of 7.312 billion yuan, a year-on-year decrease of 1.14%, and a net profit attributable to shareholders of 1.157 billion yuan, down 3.73% year-on-year [2][3]. - Since its A-share listing, Boss Electric has distributed a total of 6.847 billion yuan in dividends, with 2.833 billion yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Boss Electric was 56,300, a decrease of 8.62% from the previous period, with an average of 16,577 circulating shares per shareholder, an increase of 9.43% [2]. - The top circulating shareholder is Hong Kong Central Clearing Limited, holding 63.4905 million shares, a decrease of 27.3989 million shares from the previous period. ICBC Value Selection Mixed A is a new entrant among the top shareholders, holding 14.3928 million shares [3].

Core Viewpoint - The stock of Boss Electric has shown a slight increase of 2.01% on November 12, with a current price of 20.28 CNY per share and a total market capitalization of 19.163 billion CNY [1] Financial Performance - For the period from January to September 2025, Boss Electric reported a revenue of 7.312 billion CNY, representing a year-on-year decrease of 1.14%, and a net profit attributable to shareholders of 1.157 billion CNY, down 3.73% year-on-year [2] - The company has cumulatively distributed 6.847 billion CNY in dividends since its A-share listing, with 2.833 billion CNY distributed over the past three years [3] Stock Market Activity - As of 09:48 on November 12, the trading volume was 51.6284 million CNY, with a turnover rate of 0.27% [1] - The stock has experienced a decline of 0.73% year-to-date, but has increased by 3.95% over the last five trading days, 7.13% over the last twenty days, and 6.91% over the last sixty days [1] Shareholder Information - As of September 30, 2025, the number of shareholders for Boss Electric was 56,300, a decrease of 8.62% from the previous period, with an average of 16,577 shares held per shareholder, an increase of 9.43% [2] - The second-largest shareholder is Hong Kong Central Clearing Limited, holding 63.4905 million shares, a decrease of 27.3989 million shares from the previous period [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - In the first three quarters of 2025, the company achieved operating revenue of 7.312 billion yuan, a year-on-year decrease of 1.14%. The net profit attributable to the parent company was 1.157 billion yuan, down 3.73% year-on-year. The net profit excluding non-recurring items was 1.060 billion yuan, a decrease of 1.37% year-on-year. In Q3 2025, the company reported operating revenue of 2.704 billion yuan, a year-on-year increase of 1.42%, and a net profit of 446 million yuan, up 0.65% year-on-year [4][11]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company's gross margin was 51.80%, an increase of 1.37 percentage points year-on-year. In Q3 2025, the gross margin was 54.12%, up 0.94 percentage points year-on-year. The operating profit for the first three quarters was 1.140 billion yuan, a year-on-year increase of 3.15%, with an operating profit margin of 15.59%, up 0.65 percentage points year-on-year [11][16]. Market Strategy - The company has optimized its channels and implemented a multi-brand strategy, which has begun to show results. The company is focusing on retail channels while reducing high-risk engineering channel business. The overseas market has also performed well, mitigating the impact of the decline in engineering channels. The product matrix includes high, medium, and low-end products under the brands "Boss," "Mingqi," and "Xingchen," effectively addressing diverse consumer needs [11][16]. Future Outlook - The company is expected to explore new product directions, including dishwashers and integrated stoves, leveraging its channel resources to further open up incremental markets. The projected net profits attributable to the parent company for 2025-2027 are 1.662 billion, 1.747 billion, and 1.847 billion yuan, corresponding to PE ratios of 11.12, 10.58, and 10.00 times, respectively [11][16].

Core Viewpoint - The stock of Boss Electric has shown a slight increase recently, with a notable market performance and a mixed financial outlook for the year [1][2]. Company Overview - Boss Electric, established on November 7, 2000, and listed on November 23, 2010, specializes in the research, production, and sales of kitchen appliances, including range hoods, gas stoves, dishwashers, and food processors [1]. - The company's revenue composition is as follows: range hoods 47.86%, gas stoves 25.10%, dishwashers 7.33%, integrated machines 6.51%, sterilizers 2.64%, and other small kitchen appliances [1]. Financial Performance - For the period from January to September 2025, Boss Electric reported a revenue of 7.312 billion yuan, a year-on-year decrease of 1.14%, and a net profit attributable to shareholders of 1.157 billion yuan, down 3.73% year-on-year [2]. - The company has distributed a total of 6.847 billion yuan in dividends since its A-share listing, with 2.833 billion yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Boss Electric was 56,300, a decrease of 8.62% from the previous period, with an average of 16,577 circulating shares per shareholder, an increase of 9.43% [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 63.4905 million shares, a decrease of 27.3989 million shares from the previous period [3].

Core Insights - Boss Electric is a leading company in the kitchen appliance industry in China, established in November 2000 and listed on the Shenzhen Stock Exchange in November 2010, with a strong brand presence and extensive market channels [1] Group 1: Business Performance - In Q3 2025, Boss Electric achieved a revenue of 7.312 billion yuan, ranking first among six companies in the industry, with the second-ranked Vatti's revenue at 4.158 billion yuan [2] - The main revenue contributors include range hoods with 2.205 billion yuan (47.86% of total revenue) and gas stoves with 1.156 billion yuan (25.10% of total revenue) [2] - The net profit for the same period was 1.145 billion yuan, also the highest in the industry [2] Group 2: Financial Ratios - As of Q3 2025, Boss Electric's debt-to-asset ratio was 31.40%, slightly up from 31.12% year-on-year, which is above the industry average of 29.86% [3] - The gross profit margin for Q3 2025 was 51.80%, an increase from 50.43% year-on-year, significantly higher than the industry average of 35.95% [3] Group 3: Management and Shareholder Structure - The chairman, Ren Jianhua, has a salary of 872,100 yuan for 2024, a slight increase from 869,100 yuan in 2023, reflecting his leadership in the company's development [4] - As of September 30, 2025, the number of A-share shareholders decreased by 8.62% to 56,300, while the average number of shares held per shareholder increased by 9.43% to 16,600 shares [5] Group 4: Market Position and Future Outlook - Despite challenges in the real estate sector, Boss Electric's core business remains resilient, with revenue for key products like range hoods and gas stoves showing only slight declines of -2.4% and -1.1% respectively in H1 2025 [6] - The company has improved its inventory turnover days by 11 days year-on-year, indicating better capital efficiency [5] - Analysts have upgraded the investment rating to "strong buy" with a target price of 25.4 yuan, based on a DCF valuation method [6]

Core Viewpoint - The performance of Boss Electric Appliances shows a mixed trend in financing activities and stock performance, with a notable decrease in net buying and a high level of margin trading [1][2]. Financing Activities - On October 23, Boss Electric had a financing buy amount of 2.76 million yuan, with a net financing buy of -4.69 million yuan, indicating more repayments than new purchases [1]. - The total margin trading balance for Boss Electric as of October 23 is 212 million yuan, with the financing balance at 208 million yuan, accounting for 1.16% of the circulating market value [1]. - The margin trading activities are at a high level, with the financing balance exceeding the 50th percentile of the past year [1]. Stock Performance - On October 23, Boss Electric's stock price increased by 0.63%, with a trading volume of 77.77 million yuan [1]. - The stock's margin selling activity included a repayment of 34,100 shares and a sale of 2,900 shares, with a selling amount of 55,200 yuan [1]. - The margin balance for short selling is 3.43 million yuan, which is above the 80th percentile of the past year, indicating a high level of short selling activity [1]. Company Overview - Boss Electric, established on November 7, 2000, specializes in kitchen appliances, with major products including range hoods (47.86% of revenue), gas stoves (25.10%), and dishwashers (7.33%) [2]. - As of June 30, 2025, the company reported a revenue of 4.608 billion yuan, a year-on-year decrease of 2.58%, and a net profit of 712 million yuan, down 6.28% year-on-year [2]. Shareholder Information - The total number of shareholders for Boss Electric as of June 30, 2025, is 61,600, an increase of 45.19% from the previous period [3]. - The average circulating shares per person decreased by 31.12% to 15,149 shares [3]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 90.89 million shares, a decrease of 27.10 million shares from the previous period [3].

Core Viewpoint - Vatti Holdings, once hailed as the "first stock in kitchen appliances," has transformed into a family business after 11 years of internal strife, culminating in a board dominated by the Pan family and the removal of restrictions on family members holding executive positions [2][4]. Group 1: Internal Struggles and Governance Changes - The recent shareholder meeting resulted in the election of Sun Dongbo as an independent director, leaving four out of the seven board members as members of the Pan family [2][4]. - The company amended its articles of association to remove the clause prohibiting relatives of founders from holding executive positions, overturning the previous agreement established by the "Seven Gentlemen of Vatti" [4][6]. - The internal conflict peaked in March 2023 when the former chairman of Vatti Electronics, Wu Gang, refused to cooperate with the parent company's audit, leading to a dramatic confrontation that ended with Vatti Holdings acquiring 60% of Vatti Electronics from Wu Gang and others [4][22]. Group 2: Financial Performance and Market Position - Vatti's revenue in 2024 was only 6.3 billion yuan, significantly trailing behind competitors like Fotile and Boss Appliances, which reported revenues of 17.6 billion yuan and 11.2 billion yuan, respectively [4][22]. - The company's performance continued to decline in Q1 2025, with revenue and net profit dropping by 8.8% and 14.33%, respectively, compared to the same period last year [22][23]. - From 2017 to 2022, Vatti's revenue compound annual growth rate was only 0.31%, and net profit fell from 510 million yuan to 143 million yuan [22][24]. Group 3: Product and Brand Challenges - Vatti's traditional product lines, including stoves and disinfection cabinets, have seen significant declines, with disinfection cabinet sales plummeting by 18.96% and cabinet sales dropping by 57.59% [26][27]. - The company's market share in the high-end kitchen appliance segment has drastically decreased, with a 6.8 percentage point loss in the mid-range market over five years [26][27]. - Vatti's reputation has suffered due to numerous consumer complaints regarding product quality and inadequate after-sales service, with thousands of complaints filed on platforms like Black Cat Complaints [27][28]. Group 4: Research and Development Investment - In 2024, Vatti's R&D investment was 263 million yuan, representing only 4.13% of its revenue, while its sales expenses reached 702 million yuan [31]. - The company holds 3,287 effective patents, which is less than half of Fotile's, and less than 30% of these are invention patents [31][31]. - Vatti's strategic focus on marketing over R&D has contributed to its declining brand loyalty and market position, as it struggles to keep pace with competitors [28][31].