Core Viewpoint - The new national subsidy policy for small household appliances, including microwaves and rice cookers, is expected to revitalize the stagnant market, leading to intensified competition among companies and highlighting the trend of "value consumption" where consumers are willing to pay more for quality products [1][2]. Company Performance - In the first half of 2025, Bear Electric reported total revenue of 2.535 billion yuan, a year-on-year increase of 18.94%, and a net profit of 205 million yuan, up 27.32% year-on-year, demonstrating strong growth aligned with industry trends [1]. - The company’s kitchen and maternal-infant appliance segments grew by 5.02% and 40.54% respectively, showcasing its successful product innovation and brand transformation efforts [3]. Product Innovation - Bear Electric has focused on product innovation, with a research and development investment of 106 million yuan in the first half of 2025, reflecting a 14.40% increase year-on-year [3]. - The company has developed a "three-level R&D system" with nearly 600 R&D personnel, enabling a closed-loop innovation process from demand insight to product iteration and experience optimization [4]. Market Trends - The kitchen small appliance market saw a 1.2% decline in shipment volume but a 9.3% increase in retail sales, indicating a shift towards higher-priced quality products [2]. - Bear Electric's strategy of offering comprehensive lifestyle solutions through its product matrix is aimed at enhancing consumer experience and satisfaction [5]. Manufacturing Capabilities - Bear Electric has established five smart manufacturing bases and a professional testing center, enhancing its manufacturing capabilities and product quality control [8]. - The company has initiated a "321 digital system upgrade project" to improve operational efficiency, resulting in a 5-day reduction in average production cycles and a 13.33% increase in inventory accuracy [8][9]. Customer Engagement - The "User Direct Plan" launched in 2023 allows Bear Electric to collect real-time user feedback, improving product development and customer service [9]. - The dual focus on product and lifestyle quality has positioned Bear Electric favorably in the competitive small appliance market, with its revenue and profit growth reflecting strong consumer trust [9].

Core Insights - Xinbao Co., Ltd. has categorized its products into three main segments: kitchen appliances, home appliances, and other products (including maternal and infant products) [2] - The projected sales revenue contribution for 2024 is 68.42% from kitchen appliances, 17.37% from home appliances, and 12.39% from other products [2] - Maternal and infant products include a variety of items such as milk warmers, formula dispensers, complementary food machines, and sterilizers [2]

Core Viewpoint - The company has a diversified product matrix, with a focus on kitchen appliances, home appliances, and other products, including maternal and infant products, which are expected to enhance market share and product variety in the future [1] Group 1: Product Categories - The company's products are categorized into three main types: kitchen appliances (68.42% of sales), home appliances (17.37% of sales), and other products (12.39% of sales) for the year 2024 [1] - Maternal and infant products include items such as milk warmers, formula dispensers, complementary food makers, and sterilizers [1] Group 2: Sales Performance - The sales revenue distribution for 2024 indicates a strong emphasis on kitchen appliances, which dominate the sales figures, while maternal and infant products are part of the smaller segment [1] - The company aims to consolidate its existing advantages in kitchen appliances while introducing innovative products to meet market demands and increase the variety of its offerings [1]