三牛汇选卢洪波："消费即持股" 是泡沫还是新财富密码？ 在经济周期波动的时代，许多企业面临增长压力，而总有一些创新模式能在挑战中显现独特价值。三牛 汇选平台正是如此，凭借创始人卢洪波提出的 "消费即积累合规权益" 模式，在市场中逐渐崭露头角 —— 尤其在经济调整期，反而收获了更强的关注与增长。这种模式打破了传统电商的单向交易框架， 让消费者从单纯的商品买家，转变为能参与价值共享的共建者。从早年打造尼彩手机改写行业规则，到 如今以三牛汇选重构消费与生产的连接，卢洪波用实践证明：创新的商业模式与务实的改革态度，总能 在复杂环境中找到成长路径。 卢洪波的 "消费即积累合规权益" 模式，核心是让消费行为延伸出更多价值。2011 年，他带着对传统商 业规则的思考进入手机市场，当时的智能机市场被高价垄断，他创立的尼彩手机以 "工厂直营 + 成本透 明" 模式撕开缺口，喊出 "手机只卖 399 元" 的宣言，通过全国 6000 家门店直连生产线，砍掉中间商溢 价，让更多人用得起智能机。这场 "价格革新" 的底层逻辑 ——"让价值直抵终端"，后来成为他操盘娃 哈哈、蒙牛等品牌新零售转型的核心思路，更在三牛汇选中升级为 "消费 ...

行业主要上市公司：(002032)、(002242)、(002959)、(000333)、(603868)、(603486) 厨房小家电产品类型 厨房小家电是围绕厨房烹饪、食物处理、清洁等场景设计的小型电器，产品类型丰富多样，常见的主要 有以下几类： 厨房小家电线上销售额规模 从厨房小家电行业线上零售额情况来看，2016-2024年厨房小家电线上零售额整体呈现增长趋势，2020 年以来厨房小家电线上零售额呈现波动态势，主要是受疫情对经济的影响所致。2024年中国厨房小家电 线上零售额约为478亿元，同比增长1.7%。2025年第一季度，厨房小家电线上零售额约为128亿元。 本文核心内容：中国厨房小家电行业线上销售额;中国厨房小家电行业线下销售额; 从厨房小家电行业线下零售额情况来看，2016-2024年厨房小家电线上零售额整体呈现下降趋势，2020 年以来，由于新冠疫情带来的购物方式的转变，厨房小家电线下零售额持续低迷，2024年中国厨房小家 电线下零售额约为130亿元。2025年第一季度，厨房小家电线下零售额仅24亿元。 渠道销售占比情况 从线上及线下各类型渠道销售情况来看，线上渠道中，专业电商仍然是厨房小 ...

有人说，现代人的家里都有个 " 消费坟场 "—— 那里躺着冲动买下的健身器材、为 " 可能有用 " 而囤的厨房神 器、跟风入手的电子设备。但与此同时，也有一些意外之喜： 几十块的手机支架、平平无奇的帆布包，被默默 用了整整一年。 消费这件事，最能暴露"理性与情感"的拉扯。 过去两周，我们在「早点生活」社群发起了"年度消费反馈征集"，收集用户的真实体验： 今年最坑的花费 、 最愿意复购/推荐的 3C 与居家好物 。 下面这份清单，来自早点生活社群用户的真实反馈；有品牌有场景，也有后悔与真香。 一、真香好物：这些钱花得值！ @王琪 年初买了九阳的 破壁机 ，使用频次 为 工作日2次/天，周末3-4次/天 。 万物可破壁，秋冬季节，尤其要多喝一 些 暖和的 水水。 @凹 这种免插电的，可以加热的水杯其实挺不错的，冬天随时随地可以喝到热水。 @哎呦我是团子啊 推荐珀莱雅盾护，三式，植气叮叮 ， 皮肤状态 稳定不少。 @Source 松拓 race 2 值得入手 。 @Coffee 最近买了这个复刻版，小时候觉得很贵的一个电子宠物 ， 情怀 满分 ！ @一只幸运猫 我买了那个艾草的加热坐垫 ， 冬天坐着 暖乎乎 ， 还 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 3.987 billion yuan in the first half of 2025, a year-on-year decrease of 9.11%. The net profit attributable to the parent company was 123 million yuan, down 30.02% year-on-year [2][5]. - The domestic sales remained stable, while overseas sales faced pressure, with a significant decline of 48.70% in overseas revenue, primarily due to reduced sales to a related party [10]. - The gross margin improved to 27.20%, an increase of 0.59 percentage points year-on-year, indicating enhanced profitability in core product categories [10]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 1.987 billion yuan, a decline of 14.40% year-on-year, with a net profit of 21 million yuan, down 53.24% year-on-year [2][5]. - The company’s core product, food processing machines, generated revenue of 1.462 billion yuan, a growth of 2.58% year-on-year, accounting for 36.67% of total revenue [10]. Margin Analysis - The gross margin for food processing appliances was 34.96%, up 1.45 percentage points year-on-year, while the nutrition pot series and Western-style electrical appliances saw slight declines in gross margins [10]. - Domestic gross margin was 29.76%, down 1.58 percentage points year-on-year, while overseas gross margin was 5.82%, down 0.58 percentage points year-on-year [10]. Future Outlook - The company is positioned as a high-quality small appliance manufacturer, adapting to changes in demand and channels, and is expected to achieve net profits of 283 million, 335 million, and 381 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 27.22, 22.95, and 20.23 [10].

Core Viewpoint - Joyo's performance continues to decline, with a significant drop in both revenue and profit over the past four years, raising concerns among investors about the company's future prospects [2][4][5]. Financial Performance - Joyo's revenue has decreased from 112.24 billion yuan in 2020 to 88.49 billion yuan in 2024, while net profit fell from 9.40 billion yuan to 1.22 billion yuan during the same period [4]. - In the first half of 2025, Joyo reported a revenue of 39.87 billion yuan, down 9.11% year-on-year, and a net profit of 1.23 billion yuan, down 30.02% year-on-year [4]. - The company's gross margin and net margin have also declined significantly, with gross margin dropping from 32.05% in 2020 to 25.50% in 2024, and net margin falling from 8.16% to 1.20% in the same timeframe [5]. Market Competition - The small home appliance industry is highly competitive, which has contributed to Joyo's ongoing performance challenges. Despite being a leading brand, Joyo's market share has not improved [5][6]. - The rapid growth of accounts receivable, from 2.12 billion yuan in 2020 to 10.78 billion yuan in 2024, indicates potential liquidity issues, while contract liabilities have decreased from 5.69 billion yuan to 1.61 billion yuan [5]. Employee Stock Ownership Plan - Joyo implemented an employee stock ownership plan in 2022, which has remained profitable despite the company's declining stock price. The plan raised 12.9 million yuan, with a share price of 8.0625 yuan [8][9]. - A significant portion of the shares in the plan was acquired at a price of 1 yuan per share, which has contributed to the plan's profitability [9]. - The plan is designed to enhance employee motivation and retention, but its performance has not met expectations, as evidenced by the failure to unlock shares in the first performance assessment [10].

Core Viewpoint - Joyo's performance has been under pressure for four consecutive years, with a significant decline in both revenue and net profit, while its employee stock ownership plan remains profitable despite the overall downturn in stock price and performance [1][5][8]. Financial Performance - Joyo's revenue peaked in 2020 at 11.224 billion, with a net profit of 940 million, but has since declined, with 2024 figures showing revenue at 8.849 billion and net profit at 122 million [5]. - In the first half of 2025, Joyo reported revenue of 3.987 billion, a year-on-year decrease of 9.11%, and a net profit of 123 million, down 30.02% year-on-year [5]. - The company's gross margin fell from 32.05% in 2020 to 25.50% in 2024, while net margin dropped from 8.16% to 1.20% in the same period [6]. Market Competition - The small home appliance industry is highly competitive, which has contributed to Joyo's declining performance. Despite being a leading brand, Joyo's market share has not improved [6]. - Accounts receivable increased significantly from 212 million in 2020 to 1.078 billion in 2024, indicating potential issues with product sales [6]. Employee Stock Ownership Plan - Joyo's employee stock ownership plan was implemented in 2022, with a total of 12.9 million shares at a purchase price of 1 yuan per share, raising 129 million [8][9]. - The plan allows for half of the shares to be acquired at a price of 1 yuan, while the average repurchase price was 17.01 yuan, contributing to the plan's profitability [9][10]. - Participants in the plan are limited to senior management and core personnel, with a maximum of 45 participants [11][12]. Performance Assessment - The employee stock ownership plan has not met its performance targets, with the first unlock period failing to meet the required performance metrics, resulting in 320,000 shares not being unlocked [14]. - The second unlock period has 686,200 shares set to be unlocked, indicating some level of performance achievement [14].

Core Viewpoint - Joyo's performance has been declining for four consecutive years, with significant stock price drops, yet its employee stock ownership plan remains profitable due to favorable purchase conditions [1][4][6]. Financial Performance - Joyo's revenue peaked at 11.22 billion yuan in 2020, but has since declined to 8.849 billion yuan in 2024, with a half-year revenue of 3.987 billion yuan in 2025, down 9.11% year-on-year [4][6]. - Net profit fell from 940 million yuan in 2020 to 122 million yuan in 2024, with a 30.02% decline in the first half of 2025 [4][6]. - The company's gross margin decreased from 32.05% in 2020 to 25.50% in 2024, and net margin dropped from 8.16% to 1.20% in the same period [6]. Market Competition - The small home appliance industry is highly competitive, impacting Joyo's market share and profitability [5][6]. - Despite being a leading brand, Joyo's market share has not improved, indicating challenges in maintaining its competitive edge [5][6]. Employee Stock Ownership Plan - Joyo's employee stock ownership plan was implemented in 2022, allowing employees to purchase shares at 1 yuan each, while the average repurchase price was 17.01 yuan [7][8]. - The plan includes 12.9 million shares, with a total fundraising of 12.9 million yuan, and the average purchase price for the shares held is approximately 8.0625 yuan [7][8]. - The plan is limited to senior management and core personnel, with a maximum participation of 45 individuals [8]. Performance Assessment of Employee Stock Ownership Plan - The plan has not met its performance targets, with the first unlocking period failing to release 320,000 shares due to unmet criteria [10]. - The second unlocking period will release 686,200 shares, while 1.6013 million shares will not be unlocked [10].

Core Viewpoint - Joyo's performance has been under pressure for four consecutive years, with a significant decline in both revenue and net profit, while its stock price has dropped over 80% from its peak in 2020 [1][4][6]. Financial Performance - In 2020, Joyo achieved a revenue of 11.224 billion yuan and a net profit of 940 million yuan, but by 2024, these figures had fallen to 8.849 billion yuan and 122 million yuan respectively [4]. - For the first half of 2025, Joyo reported a revenue of 3.987 billion yuan, a year-on-year decrease of 9.11%, and a net profit of 123 million yuan, down 30.02% year-on-year [4]. - The company's gross margin and net margin have also declined from 32.05% and 8.16% in 2020 to 25.50% and 1.20% in 2024 [5]. Market Competition - The small home appliance industry is highly competitive, which has contributed to Joyo's declining performance. Despite being a leading brand, Joyo's market share has not improved [5]. - Accounts receivable have increased significantly from 212 million yuan in 2020 to 1.078 billion yuan in 2024, indicating potential issues with product sales [5]. Stock Performance - Joyo's stock price peaked at 42.88 yuan in 2020 and fell to a low of 8.53 yuan in 2024, reflecting a maximum decline of over 80% [6]. - As of September 1, 2025, Joyo's stock closed at 9.71 yuan, with a market capitalization of 7.409 billion yuan [6]. Employee Stock Ownership Plan - Joyo implemented an employee stock ownership plan in 2022, which has remained profitable despite the company's declining stock price [7][8]. - The plan involved a total of 12.9 million shares at a subscription price of 1 yuan per share for half of the shares, while the average repurchase price was 17.01 yuan [8]. - Participants in the plan are limited to senior executives and core management, with the number of participants adjusted from a maximum of 27 to 45 [9]. Performance Assessment of Employee Stock Ownership Plan - The employee stock ownership plan has not met its performance targets, with the first unlock period failing to meet the required performance metrics, resulting in 320,000 shares not being unlocked [11].

Core Viewpoint - Joyo's performance has been under pressure for four consecutive years, with a significant decline in both revenue and profit, while its employee stock ownership plan remains profitable despite the overall downturn in stock price and performance [1][2][4]. Financial Performance - Joyo's revenue peaked in 2020 at 11.224 billion yuan and net profit at 940 million yuan, but by 2024, revenue and net profit had dropped to 8.849 billion yuan and 122 million yuan respectively [2]. - In the first half of 2025, Joyo reported a revenue of 3.987 billion yuan, a year-on-year decrease of 9.11%, and a net profit of 123 million yuan, down 30.02% year-on-year [2]. - The company's gross margin and net margin have also declined from 32.05% and 8.16% in 2020 to 25.50% and 1.20% in 2024 respectively [3]. Market Competition - The small home appliance industry is highly competitive, which has contributed to Joyo's declining performance. Despite being a leading brand, Joyo's market share has not improved [3]. - Accounts receivable have increased significantly from 212 million yuan in 2020 to 1.078 billion yuan in 2024, indicating potential issues with product sales [3]. Employee Stock Ownership Plan - Joyo's employee stock ownership plan was implemented in 2022, with a total of 12.9 million shares at a price of 1 yuan per share for half of the shares, while the average repurchase price was 17.01 yuan per share [4][5]. - The plan is limited to senior executives and core management, with a maximum of 45 participants [6]. - The plan has performance assessment periods from 2022 to 2026, with a total of five unlock periods, each allowing for a 20% release of shares [9].

Core Viewpoint - Juyuan Co., Ltd. (002242.SZ) reported a decline in both revenue and net profit for the first half of 2025, indicating ongoing challenges in the market [1]. Financial Performance - The total revenue for the first half of 2025 was 3.99 billion CNY, a decrease of 9.11% compared to the same period last year [2][6]. - The net profit attributable to shareholders was 123 million CNY, down 30.02% year-on-year [1]. Revenue Breakdown - The appliance industry accounted for 99.24% of total revenue, with a revenue of approximately 3.96 billion CNY, reflecting an 8.05% decline [2][6]. - The food processing machine series generated 1.46 billion CNY, representing 36.67% of total revenue, showing a slight increase of 2.58% [3][6]. - The nutrition pot series contributed 1.58 billion CNY, which is 39.65% of total revenue, but saw a significant decline of 14.20% [3][6]. - The western-style appliance series generated 728 million CNY, accounting for 18.27% of total revenue, down 13.98% [3][6]. - Other businesses saw a drastic decline of 63.72%, with revenue of 30 million CNY [2][6]. Historical Context - Juyuan Co., Ltd. has experienced a continuous decline in both revenue and net profit for three consecutive years from 2021 to 2024, with 2024 marking the largest drop in nearly four years [4]. - In 2020, the company achieved its highest net profit of 940 million CNY [4]. Management Changes - The company saw changes in its board, with the resignation of independent directors and the general manager during the reporting period [7]. - The general manager, Guo Lang, received a pre-tax compensation of 2.8 million CNY in 2024, a decrease of 43% from 2023 [7].