以下文章来源于凤凰网科技 ，作者凤凰网科技 凤凰网科技 . 凤凰科技频道官方账号，带你直击真相。 导语：主打"高硼硅玻璃"、"耐高温"的小熊电器，近日旗下一款恒温养生壶注水中爆裂，致1名一岁 婴幼儿全身40%大面积烫伤。 9月27日，山东济南一名网民反映，家中使用的小熊电器养生壶于9月20日突然发生爆炸，喷溅 的碎玻璃与沸水导致1名一岁婴幼儿全身40%大面积烫伤，伤势严重。据当事人称，孩子已于24 日接受手术，后续仍需进行植皮及疤痕修复治疗。 据 《 新京报 》 报道 ，小熊电器客服回应 称"正在全力核查"，并提示"玻璃材质的器具遇到磕碰、撞击等情况，可能会影响其稳定性"。 事件一时间引发了不少宝妈群体的恐慌，也将小熊电器推至舆论的风口浪尖。凤凰网科技《风暴 眼》在检索相关平台信息后发现，此类爆炸事件已非首次出现。 产品正常使用，却频发自爆裂 "今早煮花茶，煮着煮着水壶盖子忽然就爆了。" "买来一年多，一个月用不了两次，今晚烧壶开水居然自己裂开了。" "在加热煮茶过程壶底出现一道超过20厘米的裂纹……导致沸水外溢，还烫坏了我放在一旁的一 张显卡。" 图｜源小红书平台，用户上传的壶体开裂照片 近期，在小红书、消 ...

摘要： 主打"高硼硅玻璃"、"耐高温"卖点的小熊电器，近日因一起爆炸事件陷入舆论漩涡——该品牌恒温养生壶注水中爆裂，致1名一岁婴幼儿全身40%大面积 烫伤。截至发稿，小熊电器仍未就核心信息进行披露。 9月27日，山东济南一名网民反映，家中使用的小熊电器养生壶于9月20日突然发生爆炸，喷溅的碎玻璃与沸水导致1名一岁婴幼儿全身40%大面积烫伤， 伤势严重。据当事人称，孩子已于24日接受手术，后续仍需进行植皮及疤痕修复治疗。据《新京报》报道，小熊电器客服回应称"正在全力核查"，并提 示"玻璃材质的器具遇到磕碰、撞击等情况，可能会影响其稳定性"。 事件一时间引发了不少宝妈群体的恐慌，也将小熊电器推至舆论的风口浪尖。凤凰网科技《风暴眼》在检索相关平台信息后发现，此类爆炸事件已非首次 出现。 产品正常使用，却频发自爆裂 "今早煮花茶，煮着煮着水壶盖子忽然就爆了。" "买来一年多，一个月用不了两次，今晚烧壶开水居然自己裂开了。" 网红爆品，陷入质量危机 "在加热煮茶过程壶底出现一道超过20厘米的裂纹……导致沸水外溢，还烫坏了我放在一旁的一张显卡。" 图｜源小红书平台，用户上传的壶体开裂照片 近期，在小红书、消费保及黑猫投诉 ...

Core Viewpoint - The incident involving a small bear electric kettle explosion has raised significant public concern and scrutiny regarding the safety and quality of the company's products, particularly its high borosilicate glass offerings [1][2][11]. Company Overview - Small Bear Electric, founded in 2006, has positioned itself in the market as a provider of creative small appliances, leveraging youthful design and online marketing strategies to gain market share [9]. - As of 2023, the company has achieved a market share ranking of fourth, following major competitors such as Supor, Midea, and Joyoung [9]. Incident Details - On September 20, a small bear electric kettle exploded during normal use, resulting in severe burns to a one-year-old child [2]. - The company has not yet disclosed core information regarding the incident, stating that it is conducting a thorough investigation [1][11]. Consumer Complaints - There has been a notable increase in complaints regarding the spontaneous cracking or exploding of various glass products from Small Bear Electric, occurring during normal heating processes [5][6]. - Customers have reported issues with multiple product categories, including kettles, washing machines, and other appliances, often citing safety hazards and poor customer service experiences [5][6][8]. Customer Service Response - The company's customer service has been criticized for its handling of complaints, often attributing product failures to user error and denying warranty coverage for glass components [6][8]. - Customers have expressed dissatisfaction with the slow response times and perceived lack of support from the company's service team [8]. Market Context - The small appliance market has seen a shift in consumer behavior, with a growing emphasis on quality and practicality, moving away from the previous trend of viral products [10]. - The recent quality issues faced by Small Bear Electric highlight the challenges of maintaining brand reputation in a competitive market that increasingly prioritizes high-quality standards [10][11].

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].

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 stock performance has been declining significantly, with a maximum drop of over 80% despite the employee stock ownership plan remaining profitable due to low acquisition prices [1] Group 1: Company Performance - Joyo's financial performance has been under pressure, with a continuous decline in earnings for four consecutive years from 2021 to 2024 [1] - The company reported its 2025 semi-annual results, indicating ongoing challenges in its business operations [1] Group 2: Stock Performance - Joyo's stock price has experienced a maximum decline of over 80%, reflecting investor concerns regarding its financial health [1] Group 3: Employee Stock Ownership Plan - The employee stock ownership plan remains in a profitable state primarily because half of the shares were acquired at a price of 1 yuan per share [1] - The first phase of the employee stock ownership plan involved acquiring 8 million shares through a non-trading transfer at 1 yuan per share, while the company repurchased these shares at an average price of 17.01 yuan per share [1] - Additionally, 8 million shares were purchased in the secondary market for a total amount of approximately 1.21 billion yuan, resulting in an average purchase price of around 15 yuan per share [1]