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].

（文章来源：证券日报） 证券日报网讯新宝股份7月31日在互动平台回答投资者提问时表示，公司目前产品主要分为如下三大 类：厨房电器、家居电器、其他产品（含母婴类产品），上述三类产品2024年销售收入占公司营业收入 的比重分别为68.42%、17.37%、12.39%；母婴类产品主要有暖奶器、调奶机、辅食机和消毒器等多类 产品。 ...

金融界7月31日消息，有投资者在互动平台向新宝股份提问：请公司介绍一下产品矩阵中母婴类电器具 体包括哪些？该类别电器近三年销售金额及占比如何？ 公司回答表示：您好，感谢您对公司的关注。公司目前产品主要分为如下三大类：厨房电器、家居电 器、其他产品（含母婴类产品），上述三类产品2024年销售收入占公司营业收入的比重分别为 68.42%、17.37%、12.39%；母婴类产品主要有暖奶器、调奶机、辅食机和消毒器等多类产品。公司会 在巩固既有厨房电器等优势品类的基础上，推出更多符合市场需求的创新产品，增加公司产品品类丰富 度、提升各类产品市场占比。谢谢！ ...