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） ...

格隆汇1月8日丨新宝股份(002705.SZ)在互动平台表示，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。 ...

更多资料加入知识星球:水木调研纪要 关注公众号:水木纪要 电商家电专家空调铝代铜专家周日双交流 20260104 摘要 Q&A 2025 年 12 月家电销售情况如何?各品类的同比增长情况如何? 2025 年 12 月是全年销售绝对值最低的一个月份,主要原因是年底收官以及避免 透支 2026 年新年购物季的需求。12 月家电部分总支付金额为 529 亿元，同比下 降 8.3%。分品类来看,空调销售额为 132亿元,同比下降 9.7%;洗衣机销售额 为 85 亿元,同比下降 5.1%;冰箱销售额为 113 亿元,同比下降 10.9%;黑电(如 争 狗 - · 2025 年第四季度家申市场预计同比下降 9%,虽下滑但未恶化。2026年国 补政策范围扩大至超20省,线上线下打通,六大品类均覆盖,但全年资 金或低于 2025年,一级能效/水效产品优先,地方政府和平台商家将增加 补贴。 京东平台 2025 年侧重打破地域壁垒,覆盖一线及农村市场,预计新增 . 3,000-4,000万用户参与国补,与品牌商合作推出定制新品,提供送装一 体服务。上半年超 1 亿人次享受京东平台优惠政策。 近期家电销售额增长,前三天近 10 ...

Core Insights - The report maintains a strong market rating for the home appliance sector, emphasizing the shift in consumer behavior towards a more present-focused consumption mindset, driven by the new generation of consumers [1] - The report highlights the expected leadership of the new consumption sector in 2025, while traditional consumption sectors are anticipated to show lackluster performance [4] Macro Consumption Trends - The report notes a significant transformation in consumer attitudes, moving from a culture of saving to one of cautious spending and living in the moment, which is expected to create new investment opportunities [4][11] - It identifies a structural opportunity in consumption, with the main drivers shifting from broad-based recovery to specific demographic groups, particularly the elderly and single-person households [32] Global Economic Landscape - The report emphasizes the importance of global emerging markets, suggesting that Chinese companies are well-positioned to lead in new product categories with significant growth potential [4] - It points out that the export structure is evolving towards innovation-driven categories, enhancing resilience against geopolitical risks [4] Domestic Consumption Dynamics - The report indicates that domestic consumption is entering a phase of refinement, with strong companies benefiting from the changing consumption landscape [4] - It highlights the ongoing growth in the pet economy and health supplements, suggesting that companies with e-commerce capabilities will be favored [4] Export Opportunities - The report discusses the resilience of exports, noting a shift from reliance on developed markets to emerging markets, with significant growth in exports to countries like India and Indonesia [49] - It highlights the importance of diversifying export markets and supporting new business models such as cross-border e-commerce [49] Sector-Specific Insights - The report identifies specific sectors poised for growth, including cleaning appliances, which are expected to benefit from government subsidies and increasing consumer demand [53] - It suggests that the pet economy and health products will continue to thrive, driven by changing consumer preferences and increased awareness [4] Consumer Income and Spending - The report notes that while income growth is stabilizing across different income groups, the spending power of high-income households is expected to drive consumption growth [35] - It emphasizes the importance of asset conditions, particularly housing, in influencing consumer behavior and spending patterns [35] Rural Consumption Potential - The report highlights the growing consumption potential in rural areas, where income growth is outpacing urban areas, suggesting a shift in focus towards rural markets [39] - It notes that rural high-income groups are likely to lead in spending on services, healthcare, and entertainment [39]

Investment Rating - The report maintains a "Positive" outlook for the home appliance industry, indicating a relative strength of over 5% compared to the market benchmark index [5]. Core Insights - The domestic sales performance aligns with expectations, with a gradual transition into a post-subsidy era in 2026. In November 2025, home appliance sales reached 10.49 million units, down 31.8%, with domestic sales at 4.05 million units, down 39.8%, and exports at 6.44 million units, down 25.6% [7]. - The new national standard for electric two-wheelers is being implemented, with a significant inventory replenishment expected in the first half of 2026. The new models are being introduced, and a concentrated restocking period is anticipated [7]. - Key players in the cleaning appliance sector are undergoing ownership changes, which may impact market dynamics. iRobot is undergoing bankruptcy restructuring, while the founder of追觅科技 is acquiring a controlling stake in 嘉美包装 [7]. Summary by Sections Domestic Market Performance - The domestic market is experiencing a decline, which was anticipated. The central economic work conference confirmed the continuation of national subsidy policies into 2026, with adjustments expected to enhance service consumption [3][7]. Electric Two-Wheelers - The implementation of the new national standard for electric two-wheelers began on September 1, 2025, leading to the cessation of production and sales of old standard models. A significant inventory depletion is expected by the end of December 2025, with new models set to launch soon [7]. Key Players and Market Changes - iRobot's bankruptcy restructuring is expected to maintain brand operations but may not significantly alter market dynamics. The acquisition of 嘉美包装 by 追觅科技's founder could lead to strategic shifts in the cleaning appliance sector [7].

Core Viewpoint - Company plans to raise up to 776 million yuan through a private placement to fund new projects and repay bank loans, which may dilute short-term earnings metrics [1][2][3] Group 1: Fundraising and Project Allocation - The company intends to issue shares to no more than 35 specific investors, with the issuance not exceeding 30% of the pre-issue total share capital, estimated at around 40.56 million shares [2] - Approximately 427 million yuan will be allocated to the new project for producing 8 million clean electrical appliances annually, while 116 million yuan will be used for the construction of a production base in Vietnam [2] - The remaining 233 million yuan will be used to supplement working capital and repay bank loans, addressing the company's increasing short-term debt [2][3] Group 2: Strategic Initiatives and Market Position - The establishment of a production base in Vietnam aligns with China's "going out" strategy and the Belt and Road Initiative, aiming to leverage local resources and mitigate trade friction risks [2] - The new projects are expected to alleviate production capacity constraints in clean electrical appliances and enhance the company's supply and profitability [3] - The planned production line for household robots will extend the company's operations into robot manufacturing, providing new growth opportunities [3] Group 3: Financial Performance and Market Outlook - In the first three quarters of 2025, the company reported revenue of 1.868 billion yuan, a year-on-year increase of 25.66%, but a significant decline in total profit by 71.48% to 3.2478 million yuan [6] - The global clean electrical appliance market is experiencing rapid growth, with retail sales projected to reach 29.3 billion USD in 2024 and 38.3 billion USD by 2029 [5] - The company faces challenges such as raw material price fluctuations, increased market competition, and international trade tensions, which could impact the success of the fundraising and projects [5]

Core Viewpoint - The company plans to raise up to 776 million yuan through a private placement of shares to fund new projects aimed at expanding its production capacity in the clean electrical appliance sector [1][3]. Group 1: Fundraising and Project Allocation - The total amount to be raised is not to exceed 776 million yuan, which will be used for the construction of a new production facility in Suzhou, a production base in Vietnam, working capital, and repayment of bank loans [1][3]. - The Suzhou project has a total investment of 481 million yuan and aims to produce 8 million clean electrical appliances annually, with a construction period of two years [3][4]. - The Vietnam project has a total investment of 320 million yuan, also with a two-year construction period, and aims to produce 4.63 million clean electrical appliances annually [4]. Group 2: Business Development and Capacity Expansion - The company is focusing on developing its vacuum cleaner and other complete clean electrical appliance businesses to create synergies with its existing product lines [3]. - Current production capacity is insufficient to meet future market demands, prompting the need for new projects to alleviate production bottlenecks and enhance profitability [3]. - The new Suzhou facility will feature higher automation and advanced testing equipment, aiming to diversify the product range and increase production capacity to 6.24 million complete units annually [3].

Core Viewpoint - The company plans to raise up to 776 million yuan through a private placement of shares to fund the construction of new production facilities and enhance its operational capabilities in the clean appliance sector [1] Group 1: Fundraising and Project Details - The funds will be allocated to the construction of a new project in Suzhou for the annual production of 8 million clean appliance products, a Vietnam production base, working capital, and repayment of bank loans [1] - The new project aims to alleviate production capacity constraints and enhance the company's supply and profitability in the clean appliance and environmental home appliance sectors [1] Group 2: Production Capacity Expansion - The Suzhou project will involve the establishment of a new production base with advanced automated production lines and testing equipment, aiming for an annual production capacity of 6.24 million units, including home appliances and household robots [2] - The Vietnam production base will also be developed to address current leasing issues and optimize production layout, targeting an annual production capacity of 4.63 million clean appliances [2]

截至发稿，春光科技市值为47亿元。 每经AI快讯，春光科技（SH 603657，收盘价：34.68元）12月11日晚间发布公告称，本次向特定对象发 行的方案及相关事项已经2025年12月11日召开的公司第四届董事会第二次会议审议通过。本次向特定对 象发行股票的发行对象为不超过35名特定投资者。本次向特定对象发行A股股票数量不超过本次发行前 总股本的30%，按目前股本测算，本次向特定对象发行A股股票数量不超过约4056万股（含本数），具 体发行股票数量依据本次向特定对象发行价格确定，计算公式为：发行数量=募集资金总额/每股发行价 格。本次发行的发行价格不低于定价基准日前20个交易日公司A股股票交易均价的80%。本次发行拟募 集不超过约7.76亿元。 2024年1至12月份，春光科技的营业收入构成为：清洁电器占比100.0%。 每经头条（nbdtoutiao）——白金信用卡权益大缩水：贵宾厅限次、酒店减量⋯⋯银行吐槽没赚头，"羊 毛党"薅了个寂寞 （记者 王瀚黎） ...

截至发稿，春光科技市值为47亿元。 每经头条（nbdtoutiao）——白金信用卡权益大缩水：贵宾厅限次、酒店减量⋯⋯银行吐槽没赚头，"羊 毛党"薅了个寂寞 每经AI快讯，春光科技（SH 603657，收盘价：34.68元）12月11日晚间发布公告称，公司第四届第二次 董事会会议于2025年12月11日在公司会议室以现场结合通讯的方式召开。会议审议了《关于修订公司 < 董事会秘书工作条例> 的议案》等文件。 2024年1至12月份，春光科技的营业收入构成为：清洁电器占比100.0%。 （记者 张明双） ...