2025 年 11 月 22 日 尔机器人与 INDEMIND i 合作,比依股份定增获批 -《2025/11/17-2025/11/21》家电周报 本期投资提示: 相关研究 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120003 liujl@swsresearch.com 联系人 刘嘉玲 A0230522120003 liujl@swsresearch.com 本周家电板块跑赢沪深 300 指数。本周申万家用电器板块指数下跌 2.3%，同期沪深 ● 300 指数下跌 3.8%，家电板块指数跑赢沪深 300。重点公司方面，奥普科技（6.7%)、 浙江美大 (2.7%)、苏泊尔 (1.5%) 领涨;九阳股份 (-15.6%)、倍轻松 (-9.3%)、比 依股份（-9.2%）领跌。 行业动态：1）海尔机器人与 INDEMIND 达成战略合作。11 月 19 日，海尔机器人与 ● 北京盈迪曼德科技有限公司（INDEMIND）在北京正式签署战略合作协议，共同推动 具身机器人在家庭场景的落地与应用。在具体合作上，INDEMIND 将作为海尔 ...

Investment Rating - The report maintains a positive outlook on the home appliance sector, highlighting that the sector outperformed the CSI 300 index during the week [2][3]. Core Insights - The home appliance sector index fell by 2.3%, while the CSI 300 index dropped by 3.8%, indicating a relative strength in the sector [2][3]. - Key companies such as Aopu Technology, Zhejiang Meida, and Supor showed gains, while companies like Joyoung, Beiqi, and Biyi experienced significant declines [4]. - Haier Robotics and INDEMIND signed a strategic cooperation agreement to advance the application of embodied robots in home settings [8]. - Biyi Electric received approval from the China Securities Regulatory Commission for a specific stock issuance [9]. Sales Data - In October, sales of cleaning appliances increased year-on-year, with robotic vacuum sales rising by 36.01% to 500,900 units and sales revenue increasing by 35.34% to 1.025 billion yuan [29]. - Sales of washing machines also saw a significant increase, with units sold rising by 60.11% to 429,300 and revenue increasing by 60.34% to 756 million yuan [29]. - Personal care products showed mixed results, with hairdryer sales slightly up by 0.31% but revenue down by 18.17%, while electric shaver sales rose by 29.12% with revenue up by 38.05% [34]. Industry Dynamics - The report identifies three main investment themes: 1. The potential of leading white and black appliance companies characterized by low valuations, high dividends, and stable growth [2]. 2. Upstream core component manufacturers are diversifying into emerging tech fields such as robotics and data center cooling [2]. 3. The increasing penetration of new consumer categories like cleaning appliances presents significant growth opportunities [2]. Macro Economic Environment - As of November 21, 2025, the USD to CNY exchange rate was reported at 7.0875, reflecting a year-to-date decrease of 1.40% [40]. - In October 2025, the total retail sales of consumer goods reached 46,291 billion yuan, showing a year-on-year increase of 2.90% [42].

Core Insights - The recent quality supervision inspection of electric shavers in Shanghai revealed that out of 40 batches tested, 6 batches were found to be non-compliant with quality standards [2][3][6] Summary by Category Inspection Results - A total of 40 batches of electric shavers were inspected, with 6 batches deemed non-compliant. Specifically, 5 batches from manufacturers were compliant, while 1 batch from physical sales and 5 batches from e-commerce sales were non-compliant [2][3] - The inspection covered products from Shanghai, Zhejiang, and Guangdong, with 10 batches from Shanghai and 30 from other provinces. Among these, 2 batches from Shanghai and 4 from other provinces were found non-compliant [2][3] Non-compliance Details - The non-compliance was primarily related to labeling and instructions, where 6 batches failed to meet the standard requirements. Issues included improper labeling of product parameters and missing necessary information in user manuals [6] - Specific non-compliant products included various brands and models, such as the "青春版电动剃须刀" and "麦克赛尔泉电动剃须刀," which were flagged for issues related to labeling and instructions [5][6] Consumer Guidance - Consumers are advised to prioritize well-known brands when purchasing electric shavers, especially on e-commerce platforms. It is recommended to check for complete user manuals and certification upon receipt of the product [7] - Users should read the instructions carefully and follow the guidelines to avoid misuse [7]

Core Viewpoint - Feike Electric is a leading brand in the domestic personal care appliance market, known for high quality and innovative design, with significant market share in electric shavers and hair dryers [1] Group 1: Business Performance - In Q3 2025, Feike Electric achieved a revenue of 3.04 billion yuan, ranking first in the industry, significantly surpassing the second-place Rainbow Group's 663 million yuan, with the industry average at 1.11 billion yuan and the median at 607 million yuan [2] - The main business composition includes electric shavers generating 1.418 billion yuan, accounting for 67.04%, and hair dryers contributing 397 million yuan, making up 18.75% [2] - The net profit for the same period was 457 million yuan, also ranking first in the industry, far exceeding Rainbow Group's 46.9759 million yuan, with the industry average at 110 million yuan and the median at 25.1615 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Feike Electric's debt-to-asset ratio was 16.02%, down from 28.12% year-on-year and below the industry average of 31.48%, indicating strong solvency [3] - The gross profit margin for the same period was 57.09%, up from 56.00% year-on-year and higher than the industry average of 49.58%, reflecting robust profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 0.52% to 12,100, while the average number of circulating A-shares held per shareholder decreased by 0.51% to 36,100 [5] - Notable changes among the top ten circulating shareholders include a decrease in holdings by Hong Kong Central Clearing Limited and Guofu Potential Combination Mixed A, while Guangfa Pension Index A entered the list as a new shareholder [5] Group 4: Management Compensation - The chairman, Li Gaiteng, received a salary of 3.612 million yuan in 2024, an increase of 672,000 yuan from 2.94 million yuan in 2023, reflecting his extensive industry experience since founding the company in 2006 [4] Group 5: Market Outlook - Analysts from Huatai Securities noted that Feike Electric's Q3 2025 revenue and profit faced slight pressure due to intensified industry competition, with expectations for net profits in 2025-2027 adjusted to 615 million, 707 million, and 840 million yuan respectively [5][6] - Shenwan Hongyuan highlighted that the company's performance met expectations, with ongoing brand structure adjustments and a focus on enhancing its mid-to-high-end image while optimizing cost-performance for the Borui brand [6]

Investment Rating - The report indicates a cautious outlook for the home appliance sector, with the sector underperforming compared to the CSI 300 index, which remained stable while the home appliance index fell by 1.5% [2][3]. Core Insights - Haier Group and Alibaba have signed a comprehensive strategic cooperation agreement focusing on AI and cloud technologies, advanced manufacturing, e-commerce, and globalization, aiming to create a new digital industrial ecosystem [7][48]. - JD.com's 11.11 sales event showed impressive results, with home appliances and new trend products experiencing significant growth, including a more than 4-fold increase in sales for over 1,000 brands [8][48]. - The report highlights three main investment themes: 1. White goods sector benefiting from favorable real estate policies and high dividend yields, with a recommendation for leading companies like Hisense, Midea, and Gree [2]. 2. Export opportunities driven by large customer orders, recommending companies like Ousheng Electric and Dechang Shares [2]. 3. Core components demand exceeding expectations due to the white goods sector's performance, recommending companies like Huaxiang and Shun'an Environment [2]. Industry Dynamics - The home appliance sector has seen a decline in stock performance, with leading companies like Yitian Intelligent and Aupu Technology showing gains, while companies like Biying and Light Peak Technology faced significant losses [4][3]. - The report notes a rise in raw material prices, particularly copper and aluminum, while stainless steel prices have decreased [9]. - Sales data for cleaning appliances in September showed a significant increase, with robotic vacuum sales up 56.56% and washing machine sales up 61.29% year-on-year [24][30]. Company Updates - Yitian Intelligent announced a tax payment of 5.65 million yuan, which will be accounted for in the current year's financials [42]. - Biying Electric completed a non-trading transfer of shares for its employee stock ownership plan [42]. - Haier Group has engaged in a strategic partnership with Alibaba to enhance its digital capabilities [48].

Investment Rating - The report maintains a positive outlook on the home appliance sector, highlighting potential investment opportunities in leading companies such as Haier, Midea, and Gree [2][8]. Core Insights - The home appliance sector underperformed compared to the CSI 300 index, with a decline of 1.5% in the Shenwan household appliance index [2][3]. - Haier Group and Alibaba signed a comprehensive strategic cooperation agreement focusing on AI and cloud technologies, advanced manufacturing, e-commerce, and globalization [8][55]. - JD.com's 11.11 sales event showed significant growth in home appliances, with new product sales increasing over four times year-on-year [9][55]. Industry Dynamics - Haier and Alibaba's partnership aims to create a new digital industrial ecosystem, leveraging AI capabilities and enhancing manufacturing innovation [8][55]. - JD.com's early sales data indicated that high-end products like large TVs and multi-tub washing machines saw sales growth exceeding ten times year-on-year [9][55]. Data Observations - In September, sales of cleaning appliances like robotic vacuums and washing machines increased significantly, with robotic vacuum sales up 56.56% and washing machines up 61.29% year-on-year [27][30]. - Personal care products also showed varied performance, with hairdryer sales increasing by 4.94% but with a decline in average price, while electric shaver sales surged by 45.46% with a significant increase in sales revenue [33][34]. Investment Highlights - The report identifies three main investment themes: 1. White goods, benefiting from favorable real estate policies and high dividend yields. 2. Export opportunities driven by large customer orders and stable profitability. 3. Core components, with demand exceeding expectations due to the robust performance of white goods [2][8].

对此，徕芬创始人叶洪新发文称，评测存在"利益输送"，并揭露博主亲哥哥潘坚系徕芬前员工，指控其"收钱办事没良心"。叶洪新还表示，潘坚2022年离职 时收取500万元补偿，但此后"勾结内部员工，虚构0成本合作项目并向公司虚报50万元费用"，强调已掌握录音证据。 潘坚则表示，500万元实为叶洪新未兑现的股权补偿。潘坚称叶洪新曾口头承诺给予上市前5%及上市后2%股权，按融资估值估算价值上亿元，500万仅 为"零头"。 徕芬则反驳称股权协议附生效条件，潘坚因"未达成工作成果"离职，500万元属额外补偿。 8月18日，叶洪新删除争议内容并发文"翻篇，志不在此，在星辰大海"。潘坚随即转发呼吁"回归产品根本"，楼斌亦表态"不再追究"。 据雷峰网报道，徕芬海外负责人邵诗立于今年9月中下旬离开徕芬，或将创业。 邵诗立于2024年11月加入徕芬，担任海外市场负责人，主要负责徕芬海外线上渠道的布局与搭建，以及推动徕芬在北美和欧洲线下渠道的建设。邵诗立离开 徕芬后，已有其他人接替徕芬海外市场负责人的位置。 公开资料显示，邵诗立从耶鲁大学毕业之后，进入峰瑞资本担任TMT投资，2021年加入贝恩咨询公司，担任TMT和医疗保健的高级顾问，2 ...

Investment Rating - The report indicates a cautious outlook for the home appliance sector, with the sector underperforming compared to the CSI 300 index, as evidenced by a 0.7% decline in the SWS home appliance index while the CSI 300 rose by 1.1% [3][4]. Core Insights - The report highlights three main investment themes: 1. **White Goods**: The reversal of real estate policies is expected to boost the white goods sector, which is characterized by undervaluation, high dividends, and stable growth. The report anticipates a volume and price increase in the white goods supply chain, recommending companies like Hisense, Midea, Haier, and Gree [3][4]. 2. **Exports**: Companies with significant customer orders, such as Ousheng Electric and Dechang Shares, are expected to see revenue growth driven by overseas demand recovery and new domestic products [3]. 3. **Core Components**: The report notes that the demand for core components in the white goods sector is exceeding expectations, recommending companies like Huaxiang and Shun'an Environment for their competitive advantages and growth potential in thermal management components [3]. Industry Dynamics - Haier's air conditioning industrial park in Thailand has officially commenced production, with an annual planned capacity of 6 million units, making it the largest air conditioning manufacturing base for Chinese brands in Southeast Asia. The facility covers a wide range of air conditioning products and incorporates multiple intelligent production lines [9][56]. - Hisense's HHA smart manufacturing industrial park has begun construction, which is set to be the largest overseas industrial park for Hisense, aiming for completion by 2030. The park will utilize advanced technologies to enhance production efficiency and environmental standards [10][56]. Data Observations - In August, sales of cleaning appliances such as vacuum and washing machines saw significant year-on-year increases, with vacuum sales rising by 45.13% to 275,700 units and sales revenue increasing by 57.96% to 326 million yuan. The average price for vacuum cleaners rose by 8.84% to 1,181 yuan per unit [29][30]. - Conversely, sales of hair dryers declined by 19.04% to 1,160,500 units, with revenue dropping by 22.79% to 27 million yuan. The average price for hair dryers fell by 4.64% to 232.3 yuan per unit [37][38].

Investment Rating - The report maintains a positive outlook on the home appliance sector, highlighting potential investment opportunities in leading companies such as Hisense, Midea, and Gree [2][29]. Core Insights - The home appliance sector underperformed compared to the CSI 300 index, with a decline of 0.7% while the index rose by 1.1% [2][3]. - Key developments include the official launch of Haier's air conditioning industrial park in Thailand, which has an annual planned capacity of 6 million units, making it the largest air conditioning manufacturing base for Chinese brands in Southeast Asia [8][57]. - Hisense's HHA smart manufacturing industrial park has commenced construction, aiming to enhance its presence in Thailand and the ASEAN market [9][58]. - Sales data for August shows a significant increase in the sales volume and revenue of cleaning appliances like vacuum cleaners and floor washers, while sales of hair dryers and electric shavers declined [29][35]. Summary by Sections Industry Dynamics - Haier's Thailand air conditioning industrial park officially started production on September 23, with a capacity of 6 million units annually, covering various air conditioning products [8][57]. - Hisense's HHA smart manufacturing industrial park is set to be the largest overseas facility for the company, with plans for completion by 2030 [9][58]. Sales Data Observations - In August, vacuum cleaner sales increased by 45.13% year-on-year, with revenue rising by 57.96%, while the average price increased by 8.84% to 1181.00 CNY per unit [29][30]. - Floor washer sales also saw a year-on-year increase of 38.07% in volume and 43.66% in revenue, with an average price of 1443.30 CNY per unit [29][31]. - Conversely, hair dryer sales fell by 19.04% in volume and 22.79% in revenue, with an average price decrease of 4.64% to 232.3 CNY per unit [35][36]. - Electric shaver sales increased by 9.79% in volume and 13.11% in revenue, with an average price increase of 3.04% to 206.5 CNY per unit [35][36]. Investment Highlights - The report identifies three main investment themes: 1. White goods sector benefiting from favorable real estate policies and potential for price and volume growth, recommending stocks like Hisense and leading companies such as Midea, Haier, and Gree [2][29]. 2. Export opportunities driven by large customer orders, highlighting companies like Ousheng Electric and Dechang Shares [2][29]. 3. Core components demand exceeding expectations due to the white goods sector's performance, recommending companies like Huaxiang and Shun'an Environment [2][29].

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 41.7 yuan [1]. Core Views - The company reported a revenue of 2.12 billion yuan for the first half of 2025, a year-on-year decrease of 8.8%, while the net profit attributable to shareholders was 320 million yuan, an increase of 1.77% year-on-year [1]. - In Q2 2025, the company achieved a revenue of 960 million yuan, down 16.2% year-on-year, and a net profit of 140 million yuan, up 3.5% year-on-year [1]. - The decline in revenue is attributed to the company's strategic choice to reduce marketing expenses and optimize its business structure for higher profitability [8]. - The overall gross margin improved to 57.5%, an increase of 1.9 percentage points year-on-year, with Q2 2025 gross margin reaching 59.1%, up 5.0 percentage points year-on-year [8]. - The net profit margin for the first half of 2025 was 15.2%, an increase of 1.6 percentage points year-on-year, with Q2 2025 net profit margin at 14.6%, up 2.8 percentage points year-on-year [8]. - The company is recognized as a leading player in the domestic personal care small appliance sector, with significant channel transformation and continuous product innovation to meet diverse consumer needs [8]. - Future earnings per share (EPS) are projected to be 1.5 yuan in 2025, 1.8 yuan in 2026, and 2.0 yuan in 2027, with corresponding price-to-earnings (PE) ratios of 25, 21, and 19 respectively [8]. Financial Summary - Total revenue for 2024 is estimated at 4.147 billion yuan, with a year-on-year growth rate of -18.0%, followed by 4.243 billion yuan in 2025 with a growth rate of 2.3% [4]. - The net profit attributable to shareholders is projected to be 458 million yuan in 2024, with a significant decline of 55.1%, and is expected to recover to 646 million yuan in 2025, reflecting a growth of 41.0% [4]. - The company’s total assets are expected to grow from 3.776 billion yuan in 2024 to 5.258 billion yuan in 2027 [9].