证券代码：002032 证券简称：苏泊尔 "以旧换新"补贴政策对公司上半年业绩有何影响及下 半年展望？ 中央和各地方政府上半年持续推动落实消费品"以旧换 新"补贴政策，给家电行业带来了一定的积极影响。公司希 望未来能有更多品类进入国家和地方性的补贴范围。同时， 公司仍然会坚持产品创新的根本战略，为消费者带去更多能 解决生活痛点的好产品，保持行业内优势地位。 外销业务下半年展望？ 上半年外销业务整体实现营业收入37.16亿元，同比增 长7.55%。对于全年外销业务预期，目前仍然会按照前期已 经披露的全年与赛博集团的关联交易指引去执行。未来外销 的表现主要取决于赛博集团在全球市场的有机增长。 当前的关税政策下公司对北美市场的布局？ 公司北美业务占整体外贸收入的比重不高，且主要涉及 炊具产品，公司能够通过越南生产基地实现产能的灵活调 配。公司在北美市场的小家电业务目前规模不大，未来希望 能有所拓展并考虑在越南生产基地拓展小家电生产线，尽可 能降低关税对公司的影响。 浙江苏泊尔股份有限公司投资者关系活动记录表 编号：2025006 | 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | ...

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].

Core Viewpoint - The upcoming "618" shopping festival is expected to drive a new wave of consumer demand for small household appliances, with a focus on product innovation and after-sales service as key decision factors for consumers [1] Group 1: Service Policy and User Experience - Midea has launched a "365-day exchange instead of repair" service policy for 60 categories of small appliances, aiming to enhance consumer confidence and streamline the service process [1][2] - The service allows users to exchange faulty products without the need for repairs, ensuring a hassle-free experience [1][2] - The AI identification feature has been implemented, achieving over 90% accuracy in diagnosing issues, with a dedicated customer service team available for cases of misjudgment [2] Group 2: Operational Efficiency and Supply Chain - Midea has established a robust supply chain to support the quick exchange of products, promising to deliver new machines within one working day after approval [2] - The company has opened 56 regional warehouses to facilitate the exchange process, ensuring that even in extreme shortages, users can receive alternative products [2][5] - The service model, while increasing operational costs, is viewed as a strategic investment aimed at enhancing brand value and consumer experience [5][7] Group 3: Industry Collaboration and Future Trends - Midea encourages industry partners to elevate service standards collectively, believing that this will activate consumer confidence [8] - The company aims to be a pioneer and enabler in the industry, promoting high-quality service to benefit more users [8] - Other leading small appliance brands are also exploring similar exchange policies, indicating a trend towards prioritizing user experience in the current market environment [7][8]

今年的618消费季，格外热闹。国补政策利好下，家电产品由8类扩容至12类，将电饭煲、微波炉、 净水器、洗碗机等4类产品纳入补贴范围，单件最高可享受销售价格20％的补贴，补贴政策持续加 码。 题图｜AI生成 又是一年618，大家的购物欲望似乎没那么"疯狂"。在网购便利的日常，想买什么就随手买了。尤其 是，有了"七天无理由"后，消费者们都被"惯坏"了。 当下，"早买早享受"的即时满足文化，让年轻人们对售后保障愈发看重。 毕竟，冲动消费后的"兜 底"才是猛猛下单的底气。 不光是日用品、衣物这些到货即能看到"对不对版"的小件随手边逛边买，需要使用一段时间才能有感 知的小家电，也得拥有"长期可退"的掌控感。不过，多数家电产品都只支持"1年保修，2年质保"，国 家"三包"也只有7-15年退换期。 当人们大谈消费升级时，却常常忽略了家电消费中的服务升级。 这种情况，或许是时候改变了。 "七天无理由"已满足不了当下年轻人，小家电的"赏味期限"也该拉 长一些了。 小家电，售后难 当价格不是问题的时候，消费者的"纠结"就从PK质量、性能这种纯"工具价值"，到对比和索要购物 所带来的软性"情绪价值"。 当"七天无理由"成为习惯，当 ...

Summary of Conference Call on Small Home Appliances Investment Opportunities Industry Overview - The conference call discusses the small home appliance industry, particularly in the context of the national subsidy policy that is expected to significantly boost growth in 2025 [1][3]. Key Points and Arguments - **National Subsidy Impact**: The national subsidy policy introduced in early 2025 has led to a recovery in the small home appliance sector, with notable growth in various categories. For instance, rice cookers and induction cookers have seen a year-to-date growth of 12%, steam cookers at 19%, and health pots at an impressive 37% [1][3]. - **Sales Recovery**: Companies like Supor have shown a recovery in Q1 2025, with revenue growth of approximately 4-5% after a decline in Q4 2024. Other brands such as Mofei, Joyoung, and Bear also exhibit signs of recovery, with domestic sales expectations higher than in the previous quarter [1][6]. - **Consumer Demand**: Essential categories like rice cookers, pressure cookers, and microwaves have benefited from being included in the subsidy range, with growth driven primarily by price increases. In contrast, health pots and other dynamic small appliances have experienced both price and volume increases [1][5]. - **Market Leaders**: Midea and Supor lead the market in rice cookers, pressure cookers, and microwaves, holding a combined market share of 51% in Q1 2025. Their online sales of related products account for 25% and 30%, respectively, showcasing their strong market position and pricing strategy [1][8]. Additional Important Insights - **Regional Subsidy Variations**: The subsidy policies on platforms like Tmall and Taobao remain consistent with 2024, but the range of covered categories has expanded significantly, particularly for small home appliances in regions like Zhejiang, Guangdong, and Hubei [2]. - **Channel Benefits**: Companies with a high presence on JD.com are likely to benefit the most from the national subsidy, as JD.com offers broader coverage and higher subsidy rates compared to Tmall's regional focus. Midea, with over 60% presence on JD.com, stands to gain significantly [4][10]. - **Company Performance**: Supor's domestic sales growth is around 4-5%, while Bear is expected to report a 10% growth in domestic sales. Both companies are valued at approximately 19 times earnings, indicating strong market confidence [12]. Recommendations - **Focus on Key Players**: Investors are advised to pay attention to Supor and Bear, as both companies are positioned to benefit from the subsidy policies and have shown promising growth in their latest earnings reports [12].