中证报中证网讯(王珞)8月27日，德尔玛（301332）披露2025年半年度报告。报告期内，公司实现营业 收入16.86亿元，同比增长3.99%；归母净利润6868.06万元，同比增长1.08%。在小家电行业由增量竞争 转向存量博弈的背景下，公司通过产品创新、智能制造升级及境外渠道深耕，构建长期增长韧性。 产品端，德尔玛聚焦核心赛道和优势品类，以消费者需求为导向完善产品矩阵，同时加大研发投入保障 技术创新。2025年上半年，公司研发投入9126.61万元，同比增长5.35%。其中，"德尔玛"品牌深耕家居 环境领域，上半年该品类实现营收6.77亿元，同比增长3.30%；公司推出全新全能扫地机，搭载"AI智慧 眼"超感识物系统，并对吸尘器、布艺清洁机、除螨仪等品类全面升级，丰富旗舰产品阵营。 "飞利浦"品牌则切入高潜力赛道，形成品牌协同效应。上半年，飞利浦水健康类产品营收6.57亿元，同 比增长13.67%；个护健康产品营收3.42亿元。值得一提的是，公司优化水健康类产品结构，新品毛利率 较高且收入占比提升，带动该品类毛利率同比提升5.63个百分点。其水健康新品依托第四代全域制冰技 术，实现"冰沙+冰块+5℃冰水 ...

8月27日晚间，德尔玛（301332）发布2025年半年度报告。报告期内，公司实现营业收入16.86亿元，同 比增长3.99%；实现归母净利润6868.06万元，同比增长1.08%。 当前小家电行业正由增量竞争转向存量博弈的新周期，德尔玛通过创新产品功能、提升开发效率、增强 生产能力等，夯实自身核心竞争力，同时进一步深耕境外渠道，稳步推进品牌出海，构筑穿越周期的长 期增长曲线。 产品矩阵持续扩容，行业认证强势加持 2025年上半年，德尔玛在产品上聚焦核心赛道和优势品类，围绕旗舰产品构建更为丰富的产品矩阵，以 消费者需求为中心进行研发和产品创新，全面提升企业产品竞争力。上半年，公司研发投入9126.61万 元，同比增长5.35%，为公司技术创新提供充足资金支持。 凭借产品创新和迭代能力，公司"德尔玛"品牌深耕家居环境领域，以"飞利浦"品牌高势能切入水健康、 个护健康两大高潜力赛道，最大化品牌间战略协同效应，形成差异化定位与客群互补，不断巩固细分市 场竞争力。 家居环境类产品上半年实现营收6.77亿元，同比增长3.30%。公司推出全新清洁品类全能扫地机，其搭 载的"AI智慧眼"超感识物系统，突破传统清洁设备局限； ...

Core Viewpoint - Chunguang Technology announced a significant investment plan to build an annual production project for 8 million clean electrical appliances, with a total investment not exceeding 1 billion yuan, amid declining net profits [1][2]. Investment Project - The project will be carried out by Chunguang Technology's wholly-owned subsidiary, Suzhou Shangteng Technology Manufacturing Co., Ltd., in Suzhou's Wuzhong District [1][2]. - The investment aims to alleviate production space constraints, reduce rental costs, expand operational scale, and optimize resource allocation to better meet market demand [2]. - The total investment for the project includes land transfer fees and will be financed through self-owned funds, bank loans, or other financing methods [2]. Financial Performance - Chunguang Technology's net profit has been declining, with projected net profits of approximately 25 million yuan in 2023 and 14.31 million yuan in 2024 [4]. - The revenue increase is attributed to successful customer development and increased orders for hoses, accessories, and OEM products, while net profit decline is due to a sluggish macroeconomic environment, intense market competition, and increased credit impairment losses [5]. Global Expansion - Despite the pressure on profitability, Chunguang Technology is actively pursuing global expansion, including increasing the investment scale of its clean electrical appliance production base in Vietnam from 185 million yuan to 320 million yuan [5]. - The company has also established a wholly-owned subsidiary in Malaysia for complete machine operations and formed a joint venture with a local company focused on the research, manufacturing, and sales of household appliances [5][6].

Industry Overview - The demand for mite removal devices has increased due to the rising prevalence of allergic diseases such as allergic rhinitis and eczema, leading to a growing focus on indoor mite removal [1][15] - The market size of China's mite removal industry is projected to grow from 280 million yuan in 2015 to 3.46 billion yuan in 2024, with a compound annual growth rate (CAGR) of 32.23% [1][15] - The shift from wired to wireless mite removal devices is notable, with wireless devices expected to dominate the market, accounting for 71.97% of the market size in 2024 [1][15] Market Dynamics - The rise of e-commerce platforms has expanded the market space for mite removal devices, contributing to continuous market growth [1][15] - The industry has seen significant technological innovation, leading to product diversification and increased intelligence in mite removal devices [1][15] Consumer Trends - The target consumer groups for mite removal devices include families in polluted urban areas, households with air conditioning, families with elderly or newborns, pet owners, and individuals with allergic conditions [5][14] - As health awareness increases, the demand for mite removal devices is expected to continue growing rapidly [1][15] Industry Development - The evolution of the mite removal industry has transitioned from early mechanical devices to modern electronic products utilizing technologies like ultrasonic and ultraviolet [7][14] - The industry is characterized by intense competition, with a focus on improving indoor air quality and meeting health and hygiene demands [7][14] Market Structure - The industry consists of three main types of participants: foreign brands (e.g., Dyson, Panasonic), domestic comprehensive appliance brands (e.g., Midea, Haier, Xiaomi), and domestic specialized brands (e.g., Puppy, Derma) [19] - Domestic brands are growing faster than foreign brands, but foreign brands still hold a significant share in the high-end market [19] Sales Channels - The sales channels for mite removal devices include both online (e-commerce platforms, live streaming) and offline (appliance stores, supermarkets) [9] - Online channels remain the primary sales avenue, but new marketing models like live e-commerce and social media are changing consumer purchasing decisions [27] Future Trends - The demand for mite removal devices is shifting from optional to essential, with consumers seeking smart, convenient, and multifunctional products [25] - Technological advancements are accelerating competition, with brands focusing on core technologies and potential cross-functional products [26] - The industry is expected to see more specialized brands targeting niche markets, while leading brands will strengthen their market position through multi-channel strategies [27]

Core Viewpoint - The news highlights internal conflicts within a prominent smart home company, Chasing Technology, regarding employee work hours and management's expectations, which have sparked public backlash and concerns about the company's culture and financial stability [1][3][4]. Group 1: Employee Work Hours and Management Expectations - Management criticized employees in Shenzhen for shorter work hours compared to their counterparts in Suzhou, with Shenzhen employees reportedly leaving before 8 PM while Suzhou employees often worked until 10:30 PM or later [1][3]. - The management emphasized the importance of efficiency over mere hours worked, suggesting that employees should find a work-life balance that allows for productivity without unnecessary overtime [3][4]. Group 2: Public Reaction and Brand Image - The company's management comments led to negative public sentiment, with many users on social media calling for a boycott of the brand, labeling it as unfriendly to workers [6][4]. - There are reports of employees feeling pressured to work overtime voluntarily, with some even submitting "voluntary overtime applications" to improve their financial situations [8]. Group 3: Financial and Operational Challenges - Chasing Technology has not achieved profitability across its business segments, and there are concerns about cash flow pressures following a failed investment agreement, leading to speculation about potential salary cuts and layoffs [11]. - The company has not secured any new funding since its C+ round in May 2023, raising concerns about its financial health and ability to sustain operations in a competitive market [12][13].

Group 1 - Allergies have become the sixth most common chronic disease globally, affecting approximately one-third of the population [4][5] - In China, the prevalence of allergic rhinitis among adults increased from 11.1% in 2005 to 17.6% in 2011, adding around 100 million patients [8] - The market for allergy testing in China grew from 400 million yuan in 2017 to 830 million yuan in 2022, with a compound annual growth rate of 15% [17] Group 2 - The sales of dust mite removal devices in China increased from 627,000 units in 2015 to 6.665 million units in 2022, with the market size growing from 280 million yuan to 2.8 billion yuan [18] - The children's allergy market in China has an annual consumption scale exceeding 20 billion yuan, with the total market size surpassing 50 billion yuan [21] - The market for anti-allergy medications is also expanding, with specific products like the dust mite drops priced at 225 yuan per box and the only approved treatment for chronic urticaria costing over 1,000 yuan per injection [20]