北鼎股份 20251024 摘要 2025 年前三季度，北鼎股份内销表现良好，但单季度收入下滑约 40%，累计下滑 16.63%；代工业务同比增长 7.61%，主要受益于服务 的中高端品牌客户的强关税承压能力和市场份额抢占。 固定资产增加主要源于收购中山科瑞子公司，该公司拥有 50 亩土地及 近 4 万平方米厂房，解决长期自有厂房生产场地问题，并为未来产能扩 展提供空间，提升制造成本管控水平。 与山姆会员店的合作提升了品牌知名度并扩大了销售渠道，对整体营收 有积极作用，尽管目前山姆渠道销售占比仍较低，但因其零售价格和费 用率较低，利润率贡献相对较大。 公司通过精细化管理不同品类和渠道的销售费用率，根据 ROI 设定预算， 使得整体规模提升的同时，实际总销售费用下降，推动单季度净利润恢 复到接近 12%的水平，预计未来可维持 10%至 12%的净利润水平。 外销业务策略调整为效率优先，虽然前三季度收入略有下滑，但盈利状 况显著改善，品牌出海进入良性运营状态。代工业务依赖现有大客户的 增长，预计稳定增长。 Q&A 北鼎股份 2025 年第三季度的内外销情况如何？具体品类的增长幅度是怎样的？ 2025 年第三季度， ...

Core Viewpoint - The home appliance industry is experiencing good domestic sales growth while facing a slowdown in exports as of Q3 2025, with significant variations in performance across different product categories [1]. Domestic Sales Performance - Domestic sales of home appliances have shown strong growth, with a year-on-year increase of 27% in retail sales during July and August, driven by low base effects and the "trade-in" policy [1]. - Air conditioners have performed the best in terms of domestic sales, although intense price competition has led to a decline in average prices [1]. - Small appliances have seen a significant increase in average selling prices, with online price increases for products like electric steamers and health pots ranging from 13% to 20% year-on-year [1]. Export Sales Performance - Export sales have slowed down, with a year-on-year decline of 6.7% in July and August, primarily due to fluctuating U.S. tariff policies and high base effects [1]. - Despite the overall export slowdown, categories like washing machines and refrigerators have still managed to achieve positive growth, while air conditioners have seen a year-on-year decline [1]. Industry Overview - The home appliance ETF (159996) tracks the home appliance index (930697), which includes listed companies involved in the manufacturing and sales of products like air conditioners, refrigerators, and washing machines [1]. - The index reflects the overall performance of listed companies in the home appliance sector, showcasing strong consumer attributes and cyclical characteristics that represent the development status of China's home appliance industry [1].

Group 1: Core Insights - The domestic appliance market in China is experiencing rapid growth in sales, significantly outperforming the overall consumer market, with retail sales of home appliances and audio-visual equipment reaching 144.8 billion yuan in July-August 2025, a year-on-year increase of 27% [1] - The export of home appliances is declining, with cumulative exports from July to September 2025 amounting to 24.47 billion USD, a year-on-year decrease of 6.7%, primarily due to fluctuating U.S. tariff policies and weakened demand against a high base [1] - White goods are showing good growth in domestic sales, while exports are slowing down; air conditioning products are performing the best in retail, although price competition is intense [1] Group 2: Small Appliances - In the small appliance sector, the average price of kitchen appliances has significantly increased, with online average prices for electric steamers, health pots, rice cookers, electric pressure cookers, and electric kettles rising by 20%, 16%, 15%, 14%, and 13% respectively [2] - The export of small appliances is declining due to tariffs and high export bases, although the vacuum cleaner market in China is recovering, with slight price increases observed [2] Group 3: Black Appliances - The demand for television products is weakening, with retail volume growth slowing; however, downstream manufacturers are optimizing product structures to enhance average prices and profitability [2] - Domestic retail volume of color TVs increased by 1.5% year-on-year, while retail value rose by 3.2% for offline sales, and online sales volume decreased by 0.4% but sales value increased by 9.7% [2] Group 4: Investment Recommendations - White goods are expected to maintain stable growth, benefiting from the "old-for-new" policy; recommended stocks include Midea Group and Haier Smart Home [3] - For small appliances, companies with global market share growth and product expansion, such as Roborock Technology and Ninebot, are recommended [3] - Leading black appliance companies like Hisense and TCL are expected to benefit from global market share increases and product upgrades [3]

Group 1: Company Performance and Market Outlook - The "old-for-new" subsidy policy positively impacted the home appliance industry in the first half of 2025, with hopes for more product categories to be included in future subsidies [3] - The company's external sales revenue reached 3.716 billion yuan in the first half of 2025, reflecting a year-on-year growth of 7.55% [4] - The company aims to maintain its industry-leading position through continuous product innovation and resource investment in core businesses [6] Group 2: Competitive Strategy and Product Development - In response to intense market competition, the company emphasizes product innovation and enhancing the emotional value of its products [7] - The company is actively investing in online platforms such as Tmall, JD.com, and Douyin, while also managing costs to improve efficiency [8] - Traditional essential products like rice cookers and woks show stable performance, while health-related products like steamers and health pots are experiencing good growth [8] Group 3: North American Market and Tariff Policies - The company's North American business currently represents a small portion of its overall foreign trade revenue, primarily involving cookware products [5] - The company plans to expand its small appliance production line in Vietnam to mitigate tariff impacts [5] Group 4: Employee Incentives and Corporate Strategy - The company's incentive plans include stock option and performance incentive funds to motivate management and key employees, aiming to enhance overall performance [8]

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].