Q3 单季收入同比下降：国内家电以旧换新政策提振厨房小家电行业需求。根据久谦数据，Q3 九阳线上 销售额YoY+16.5%，均价YoY+6.8%。分品类来看，Q3 九阳线上电压力锅、电磁炉、电蒸锅、豆浆机等 品类销售实现快速增长。我们分析Q3 公司内销业务增长向好。海外方面，海外方面，受美国加征关税 和公司关联交易业务调整的影响，我们判断Q3 公司海外业务承压。展望后续，国补持续刺激小家电内 销景气改善，九阳持续拓展新品和新渠道，收入规模有望回升。 Q3 单季盈利能力同比提升：九阳Q3 归母净利率为0.1%，同比+4.4pct。Q3 公司净利率提升主要受毛利 率提升拉动。Q3 公司毛利率同比+6.1pct。我们分析公司毛利率提升的主要原因包括：1）国补背景下 厨房小家电行业价格竞争缓解，同时公司推进产品结构提升，国内业务毛利率实现优化。2）低毛利率 的海外业务收入占比下降。 事件：九阳股份公布2025 年三季报。公司前三季度实现收入55.9 亿元，YoY-9.7%；实现归母净利润1.2 亿元，YoY+26.0%。 经折算，Q3 单季度实现收入16.0 亿元，YoY-11.0%；实现归母净利润85.5 万元，去 ...

2025 年 11 月 03 日 九阳股份(002242.SZ) Q3 单季毛利率同比显著改善 事件：九阳股份公布 2025 年三季报。公司前三季度实现收入 55.9 亿元，YoY-9.7%；实现归母净利润 1.2 亿元，YoY+26.0%。 经折算，Q3 单季度实现收入 16.0 亿元，YoY-11.0%；实现归母净 利润 85.5 万元，去年同期亏损 7732.9 万元。我们认为，Q3 九阳 外销仍有所承压，影响整体收入表现，期待后续经营改善弹性。 Q3 单季收入同比下降：国内家电以旧换新政策提振厨房小家电 行业需求。根据久谦数据，Q3 九阳线上销售额 YoY+16.5%，均价 YoY+6.8%。分品类来看，Q3 九阳线上电压力锅、电磁炉、电蒸锅、 豆浆机等品类销售实现快速增长。我们分析 Q3 公司内销业务增 长向好。海外方面，海外方面，受美国加征关税和公司关联交易 业务调整的影响，我们判断 Q3 公司海外业务承压。展望后续，国 补持续刺激小家电内销景气改善，九阳持续拓展新品和新渠道， 收入规模有望回升。 Q3 单季盈利能力同比提升：九阳 Q3 归母净利率为 0.1%，同比 +4.4pct。Q3 公司净利 ...

Core Insights - The article highlights the positive impact of government subsidies on household appliance sales in Fengqing County, Yunnan Province, particularly during the recent holiday season, as many residents returned home and upgraded their appliances [1][3]. Group 1: Consumer Behavior - Consumers are increasingly opting for energy-efficient appliances, with sales of first-level energy-efficient products rising from 50% last year to over 98% this year due to subsidy policies [2]. - The purchasing habits have shifted from traditional appliances like refrigerators and televisions to modern products such as robotic vacuum cleaners and water purifiers [2]. Group 2: Sales Performance - A local appliance store reported sales of over 2,000 units and revenue exceeding 6 million yuan in the first nine months of the year, driven by the "old-for-new" subsidy policy [2]. - The government subsidy program has effectively stimulated consumer spending, with over 11,200 residents applying for related subsidies, leading to a total sales increase of over 50 million yuan [3]. Group 3: Policy Impact - Fengqing County has implemented a comprehensive subsidy strategy covering various sectors, including home appliances, home decoration, and automobiles, to enhance consumer purchasing power and market vitality [3]. - The subsidy program has been tailored to include high-frequency consumer products, ensuring that the benefits reach diverse consumer groups [3].

Group 1 - The core point of the news is the significant share transfer transaction involving Bairun Co., a leading pre-mixed cocktail company in China, where the actual controller Liu Xiaodong sold 63 million shares (6.01% of total shares) for a total price of 1.47 billion yuan to Liu Jianguo, the owner of Pentium Electric [2] - Following the transaction, Liu Xiaodong's shareholding decreased from 40.59% to 34.58%, while Liu Jianguo became a significant shareholder with over 5% ownership [2] - The share transfer price was set at 23.337 yuan per share, which is a 10% discount from the closing price the day before the agreement [4] Group 2 - Liu Jianguo's investment has already seen a paper profit of over 192 million yuan within a day, as Bairun Co.'s stock price rose by 4.52% to 26.38 yuan per share on September 11 [4] - Liu Jianguo has committed not to reduce his holdings in the acquired shares for twelve months post-transfer and stated that this investment is a long-term financial investment without involvement in daily management [4] - Bairun Co. has been facing performance pressure, with a reported revenue of 1.489 billion yuan in the first half of 2025, a year-on-year decline of 8.56%, and a net profit of 389 million yuan, down 3.32% year-on-year [5] Group 3 - The sales volume of Bairun Co.'s core product, RIO pre-mixed cocktails, has been declining, with a total sales drop of 3.13 million boxes in 2024 and an additional decrease of 2.18 million boxes in the first half of 2025 [5] - The offline channel, which is the main sales avenue, saw a revenue decline of 9.63% year-on-year, contributing significantly to the overall performance downturn [5]

一开始我还不信罗永浩说的西贝是真的，但看了你这电磁炉炒鸡蛋我信了 一开始我还不信罗永浩说 的西贝是真的，但看了你这电磁炉炒鸡蛋我信了 一开始我还不信罗永浩说的西贝是真的，但看了你这电磁炉炒鸡蛋我信了#一分钟视频创作季# 特别声明：以上文章内容仅代表作者本人观点，不代表新浪网观点或立场。如有关于作品内容、版权或其它问 题请于作品发表后的30日内与新浪网联系。 ...

Core Viewpoint - Liu Xiaodong, the controlling shareholder of BaiRun Co., plans to transfer 63 million shares, representing 6.01% of the company's total equity, to Liu Jianguo for a total consideration of RMB 1.47 billion, at a price of RMB 23.34 per share, which is calculated at a 10% discount to the closing price prior to the agreement [1][3]. Group 1 - Liu Jianguo holds 38.72% of the shares in Honma Golf through Kouunn Holdings Limited and has no other significant equity interests in listed companies [2]. - Liu Jianguo is a businessman from Wenzhou, Zhejiang, with a background in managing various companies, including Zhejiang Pentium Electric Co., and has significant ownership in Shanghai Pentium Enterprise Group [2]. - BaiRun Co. is well-known for its pre-mixed cocktails, particularly the RIO brand, and has seen its stock price increase nearly 15 times over two and a half years since mid-November 2018 [3]. Group 2 - BaiRun Co. began its foray into whiskey around 2020, raising RMB 1.006 billion through a private placement to fund whiskey aging projects, which are essential for producing the base liquor for pre-mixed cocktails [3]. - After the share transfer, Liu Xiaodong's holding will decrease to 34.58%, and the transfer aims to diversify the shareholder structure and bring in external resources to promote company development [3][4]. - Liu Jianguo has committed not to participate in the management of BaiRun Co. and will not reduce his holdings in the company for twelve months following the transfer [4].

二手设备回收商如同"生态清道夫"，既为失败者止损，又为入局者铺路，构建起餐饮行业的资源循环通道。 在餐饮行业的生态图谱中，二手设备回收商常被认为是"秃鹫式"的存在——专门盯着倒闭的店铺收割利益。但事实上，这个游走于开张与关店之间的特殊 行业，早已成为餐饮创业生态中不可或缺的一环。 图片丨记者拍摄 杭州一家商厦的中餐馆已经歇业半年，三百平的门面角落结着蜘蛛网。老白的工人们正用电钻切割玻璃隔板，试图将饮料冷藏柜从吧台内搬出。"这些灯 买来贵，现在没人要的，只能当废品卖。"老白指着错落的灯具唏嘘道。 隔壁火锅店也是老白的工人们在进行设备回收工作，孤零零的餐桌上放着的宣传单还写着"暑期自助季，无限畅吃59元/位"，两家相邻的店铺同时黯然出 场，让空气里的氛围带着淡淡忧伤。 这是老白团队今天的工作。从下午两点到晚上七点，四名固定工加两名临时工分工明确：拆电路、卸设备、分类搬运。中餐馆的打荷台、火锅店的电磁炉 被有序装上货车，那些桌椅回收商不要的木桌和椅子，老白随手拍了张照片发朋友圈，很快有人以30元一张桌子，10元一把椅子的价格收去了。 "150元收的电磁炉，大概能卖500元。"老白一边记着账，嘴里一边嘟囔着，但眼神里 ...

Core Viewpoint - Supor's 2025 semi-annual performance report shows a slight increase in revenue but a minor decrease in net profit, reflecting the challenges in the small home appliance market and the impact of new subsidy policies on consumer demand [1][2][3]. Group 1: Company Performance - Supor reported an operating income of approximately 11.478 billion yuan, a year-on-year increase of 4.68% [1]. - The net profit attributable to shareholders was about 940 million yuan, a slight decrease of 0.07% year-on-year, with basic earnings per share at 1.18 yuan, down 0.08% [1]. - From 2020 to 2024, Supor's operating income fluctuated, with figures of 18.597 billion yuan, 21.585 billion yuan, 20.171 billion yuan, 21.304 billion yuan, and 22.427 billion yuan, showing year-on-year changes of -6.33%, 16.07%, -6.55%, 5.62%, and 5.27% respectively [1]. Group 2: Market Trends - Since 2022, the small home appliance market has faced significant challenges due to declining consumer purchasing power, but signs of recovery have emerged in 2023 as the economy rebounds [2]. - The expansion of national subsidy policies in 2025 to include kitchen appliances like rice cookers and microwaves is expected to benefit leading small appliance companies [2]. - The first quarter of 2025 saw a 2.1% year-on-year increase in the overall home appliance market (excluding 3C), with kitchen small appliances achieving a retail revenue of 16.2 billion yuan, up 2.5% year-on-year [2]. Group 3: Product Pricing and Sales - In May 2023, the average prices of various kitchen small appliances increased significantly, with rice cookers up 20.74% and steamers up 37.42% year-on-year [3]. - Supor's domestic sales remained stable due to continuous innovation and strong channel advantages, while export orders also saw growth [3]. - The slight decline in net profit was attributed to the impact of export business and lower investment income due to declining interest rates, prompting the company to enhance resource allocation in core categories and optimize product structure [3]. Group 4: Financial Position - Supor reported a decrease in total assets and equity attributable to shareholders by 12.37% and 20.33% respectively, primarily due to the implementation of the 2024 profit distribution plan [4].

Group 1 - Guangdong's foreign trade import and export reached 3.75 trillion yuan in the first five months of this year, a 4% increase compared to the same period last year, outpacing the national growth rate by 1.5 percentage points [1] - Guangdong's private enterprises are pursuing high-quality development and actively expanding into international markets [1] - Guangdong New Bao Electric Co., Ltd. is a leading small home appliance company in China, producing approximately 40 out of every 100 drip coffee machines globally [1] Group 2 - In 2024, New Bao is expected to produce over 150 million small home appliances, with overseas revenue exceeding 13 billion yuan [1] - The core factors for New Bao's export growth during economic downturns are its independent research and innovation capabilities [1] - New Bao has been recognized with the "National Enterprise Technology Center" and "National Industrial Design Center" designations, employing over 2,900 in its R&D team [1] Group 3 - New Bao plans to establish the New Bao Electric Research Institute in 2024 to maintain its leadership in various technological fields, including smart technology and energy-saving solutions [1] - The small appliance industry emphasizes speed, with New Bao launching over 1,000 new products annually due to its continuous innovation [1] - In the first quarter of 2025, New Bao achieved revenue exceeding 3.8 billion yuan, reflecting a year-on-year growth of over 10% [1] Group 4 - New Bao's production line for drip coffee machines has been upgraded digitally, reducing the number of workers needed from 36 to 16 while increasing capacity [5] - The 137th Canton Fair showcased New Bao's full range of electrical products, attracting numerous buyers for procurement discussions [6]

Core Viewpoint - The article highlights the successful implementation of the "Green Hope" initiative by the State Grid Chengde County Power Supply Company, which addresses the low voltage issues in rural areas due to increased electricity demand from modern appliances, thereby improving the quality of life for local residents [1][2]. Group 1: Service Improvement - The "Green Hope" brand aims to ensure that every kilowatt-hour of electricity contributes to a better quality of life for residents [2]. - The internal simulation profit center construction has enhanced resource allocation precision and construction efficiency, leading to effective solutions for electricity supply issues [2]. Group 2: Infrastructure Upgrades - A transformation plan was established to shorten the power supply radius for the Dabeigou transformer station, which involved the installation of six new electric poles and the extension of 10 kV lines by 0.48 kilometers [2]. - The completion of the low-voltage leakage protection system on June 21 marked the successful upgrade of the electricity supply infrastructure, benefiting local households [2]. Group 3: Impact on Residents - Residents reported significant improvements in their daily lives, with appliances like air conditioners, washing machines, and electric stoves operating smoothly without fluctuations in power supply [2]. - The initiative has effectively eliminated the "happy troubles" faced by residents, allowing them to enjoy a more comfortable lifestyle during the hot summer months [2].