中经记者杨让晨石英婧上海报道 （火星人在上海地铁打出的1.68万元"松口气套餐"广告。图片来源于网络） "我们习惯了一生都在等，等高考完，等上了大学……等到什么时候，才能松一口气？"日前，集成灶企 业火星人厨具股份有限公司（以下简称"火星人"，300894.SZ）在上海地铁站发布的系列广告引发"贩卖 焦虑"舆论争议。 据相关媒体报道，目前，上述广告已撤下。2026年1月12日，《中国经营报》记者就相关情况致电火星 人证券部，工作人员表示，上述广告事件对公司的正常经营没有影响，广告具体由公司品牌部负 责，"后续处理情况要看品牌部接下来怎么办"。 财报数据显示，2025年前三季度，火星人实现营业收入5.77亿元，较上年同期下降43.03%，归母净利润 则同比大幅下降1546.12%。2025年11月，中证鹏元资信评估股份有限公司（以下简称"中证鹏元"）在对 火星人发行的债券"火星转债"评级中，将评级展望调整为负面。 在2025年半年报中，火星人方面也表示，公司加大了品牌的曝光力度。"2025年上半年，公司充分利用 新媒体时代的传播特点，在加大品牌建设的同时，将高铁、央视广告等传统式投放与抖音、小红书等大 数据导向 ...

近日，火星人在上海地铁徐家汇站投放的厨电广告引发网友热议。目前，该广告已被暂时撤下处理。 网友发布的图片显示，地铁站内柱子上的广告语提到："我们习惯了一生都在等，等高考完，等上了大学……等到什么时候，才能松一口气？"同时广告中 附带"松口气套餐¥16800全新厨房带回家"的产品信息。 据智通财经报道，1月10日，记者从广告发布方德高广告（上海）有限公司上海分公司获悉，该广告于1月8日上架，发布在徐家汇地铁站9号线换乘通道 内。1月9日，公司注意到部分乘客的反馈，同时也关注到网络上相关讨论，经与广告主沟通，当晚对该广告进行暂时撤下处理。 公开资料显示，发布该广告的公司火星人厨具股份有限公司是一家以高端集成厨电为核心业务，拥有集成灶、集成洗碗机、水槽洗碗机、集成水槽、热水 器、集成家居等产品，于2020年上市。 根据最新财务数据，2025年前三季度，火星人营业收入为5.77亿元，同比下降43.0%；归母净利润亏损2.18亿元，同比下降1546.1%；扣非归母净利润亏损 2.28亿元，同比下降2673.6%。 其中第三季度，公司营业收入为2.03亿元，同比下降35.8%；归母净利润自去年同期亏损2595万元变为亏损 ...

Core Viewpoint - Mars Man's stock price has shown fluctuations, with a recent increase of 2.37%, but a year-to-date decline of 5.40%, indicating potential volatility in the market [1] Financial Performance - For the period from January to September 2025, Mars Man reported a revenue of 577 million yuan, a significant decrease of 43.03% year-on-year [2] - The company experienced a net profit loss of 218 million yuan, representing a drastic decline of 1546.12% compared to the previous year [2] Stock and Market Activity - As of November 20, Mars Man's stock was priced at 12.96 yuan per share, with a market capitalization of 5.265 billion yuan [1] - The trading volume was 33.0869 million yuan, with a turnover rate of 0.89% [1] - The stock has seen a net inflow of 93,200 yuan from main funds, with significant selling activity amounting to 1.4702 million yuan [1] Shareholder Information - As of October 31, the number of shareholders increased to 22,000, up by 2.12% from the previous period [2] - The average number of circulating shares per shareholder decreased by 2.08% to 13,389 shares [2] Dividend Distribution - Since its A-share listing, Mars Man has distributed a total of 977 million yuan in dividends, with 491 million yuan distributed over the last three years [3] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the eighth largest circulating shareholder, holding 2.5711 million shares, a decrease of 189,400 shares from the previous period [3]

Core Viewpoint - The company is actively developing a second growth curve by focusing on integrated dishwasher products to diversify its product matrix and reduce reliance on a single business line [1] Group 1: Business Strategy - The company is enhancing its product matrix by prioritizing the development of integrated dishwasher products [1] - The company is deepening its omnichannel layout by expanding into lower-tier markets, key account channels, and emerging home decoration channels to improve market penetration and risk resilience [1] Group 2: Investment and Innovation - The company is exploring collaborative opportunities in general artificial intelligence and innovative devices through participation in investment industry funds to further optimize its business structure [1]

Core Viewpoint - The company is actively developing a second growth strategy focused on integrated dishwashers to diversify its product offerings and reduce reliance on a single business line [1] Group 1: Growth Strategy - The company is emphasizing the development of integrated dishwashers as part of its second growth curve [1] - The strategy aims to enrich the product matrix and mitigate dependence on the real estate and renovation sectors [1] Group 2: Market Expansion - The company is enhancing its omnichannel strategy by expanding into lower-tier markets, key account channels, and emerging home decoration channels [1] - This approach is intended to improve market penetration and strengthen risk resilience [1] Group 3: Investment and Innovation - The company is exploring collaborative opportunities in general artificial intelligence and innovative devices through participation in investment industry funds [1] - This initiative aims to further optimize the business structure [1]

Core Viewpoint - Mars Man (300894) is currently focusing on the smart kitchen appliance sector, specifically integrated stoves and integrated dishwashers [1] Investment and Shareholding - The company holds a low investment stake of approximately 2% in Xingdong Jiyuan through its partnership with Qiongcheng Superfan Exploration Venture Capital Partnership (Limited Partnership) [1] - The fund Hangzhou Hongshan Shengheng Equity Investment Partnership (Limited Partnership) indirectly holds shares in Yushu Technology, but the company's ownership percentage is very low, indicating that these investments will not significantly impact the company's operations and performance [1]

Key Points - The company Mars Kitchenware Co., Ltd. has issued convertible bonds to raise a total of RMB 528.999 million, with a net amount of RMB 518.753 million after deducting issuance costs [4][26]. - The bonds have a face value of RMB 100 each and will be traded on the Shenzhen Stock Exchange under the name "Mars Convertible Bonds" [4][25]. - The bond issuance has been approved by the China Securities Regulatory Commission and various internal company meetings [3][4]. - The bonds have a maturity period of 6 years, with an annual interest rate that increases from 0.30% in the first year to 3.00% in the sixth year [5][6]. - The initial conversion price for the bonds is set at RMB 34.59 per share, which is subject to adjustments based on various corporate actions [8][9]. - The funds raised will be used for the construction of a smart kitchen appliance production base, with a total investment of RMB 100.35 million, aiming to increase production capacity significantly [22][23]. - The company has experienced a significant decline in revenue and net profit in 2024 compared to 2023, with a revenue drop of 35.68% and a net profit decrease of 101.10% [25][26]. - The company has a credit rating of AA- from China Chengxin International Credit Rating Co., Ltd., indicating a stable outlook for the bonds [23][24].

Core Viewpoint - The report indicates that the company, Mars Man Kitchen Appliances Co., Ltd., is facing significant challenges in the integrated stove market, with a notable decline in revenue and profitability due to external market pressures and increased competition [2][4][10]. Financial Performance - The company's total assets decreased from 24.83 billion to 23.39 billion, while total liabilities also saw a reduction [3][19]. - Revenue for 2024 dropped by 35.68% to 13.76 billion, with net profit falling to 0.13 billion, reflecting a significant downturn in financial performance [4][5]. - The EBITDA margin and total asset return rate have weakened considerably, indicating reduced operational efficiency [4][19]. Market Environment - The integrated stove market has been under pressure since 2022, with a 30.6% year-on-year decline in retail sales in 2024, exacerbated by a downturn in the real estate market and consumer confidence [4][9][10]. - The company is experiencing intense price competition, leading to a decrease in product prices and profit margins [10][12]. Competitive Position - Mars Man maintains a strong brand presence and competitive advantage in e-commerce channels, but faces challenges from increased competition and market saturation [2][4][11]. - The company has adopted a dual-channel sales strategy, combining online and offline sales, but has seen a decline in online sales revenue [13][14]. Investment and Project Development - The company has delayed the construction of its smart kitchen appliance production base, pushing the expected completion date from 2025 to 2026 due to market conditions [18][19]. - The project aims to enhance production capacity significantly, but current market demand remains uncertain, posing risks to project viability [18][19]. Future Outlook - The credit rating outlook for the company remains stable, reflecting its position as a leading player in the integrated stove industry despite current challenges [4][19]. - The company needs to focus on managing costs and improving operational efficiency to navigate the competitive landscape and market pressures effectively [4][19].

Core Viewpoint - Mars Man (火星人) is focusing on brand promotion, R&D innovation, and channel development to navigate the challenges posed by the real estate downturn and to explore new business opportunities for growth [1][2]. Group 1: Brand and Marketing Strategy - The company aims to leverage authoritative media reports to build brand trust and create a synergistic promotion matrix using both traditional and new media [1]. - Mars Man plans to utilize platforms like Douyin and Xiaohongshu to incubate a new media matrix for distributors, employing data-driven targeted advertising [1]. - The marketing strategy will focus on "category education + scene planting + trust endorsement" to enhance brand influence and expand its reach [1]. Group 2: R&D and Innovation - Mars Man emphasizes dual-driven innovation through technological advancements and aesthetic improvements, aiming to redefine modern kitchen standards [1]. - The company is committed to enhancing its R&D system, focusing on "standardization, modularization, and platformization" to improve product lines and user experience [1]. Group 3: Industry Trends and Market Outlook - The kitchen appliance industry is transitioning towards high-quality development, driven by technological innovation and evolving consumer demands [2]. - The market for integrated kitchen appliances, such as integrated stoves and dishwashers, is expected to recover due to new real estate policies and ongoing renovation projects [2]. - Mars Man anticipates that the demand for integrated stoves and dishwashers will continue to grow, driven by trends towards multifunctionality, smart operation, and scene-based design [2]. Group 4: Growth Opportunities - The company is focusing on cultivating the integrated dishwasher segment as a second growth curve, promoting the concept of "one kitchen, two Mars Man products" [3]. - Sales strategies include leveraging social media platforms for consumer engagement and enhancing in-store experiences with dedicated washing zones [3].

Summary of Marsman's Conference Call Company Overview - **Company**: Marsman - **Industry**: Integrated kitchen appliances, specifically focusing on integrated stoves Key Points and Arguments 1. **2024 Revenue Decline**: Marsman reported a 10.1% year-over-year decline in revenue for 2024, with integrated stove revenue down 37.94% due to a sluggish real estate market and consumer downgrade effects. However, offline direct sales increased by 84% due to government subsidies [2][4][5] 2. **Sales Channel Performance**: The company experienced significant declines in dealer and e-commerce revenues, down 23.3% and 51.8% respectively. Integrated stove sales volume decreased by 34%, with an average selling price reduction of 315 yuan. Water-washing product sales grew by 2%, but the average price also fell by 600 yuan [2][4][5][6] 3. **Cost Management**: Marsman saved over 60 million yuan through cost-cutting measures, but the reduction in sales, R&D, and management expenses did not fully offset the revenue decline, leading to a substantial drop in net profit [2][7] 4. **Market Share and Industry Challenges**: The integrated stove industry faced a 30% drop in retail sales and over 27% in retail volume in 2024. Marsman's market share fell from 12% to 11%, with increased competition and declining gross margins [2][8] 5. **Strategic Initiatives**: The company plans to overcome challenges through multi-category R&D, channel transformation, and product innovation, including launching new second-generation products and targeting the old housing renovation market [2][10] 6. **Investment in Robotics**: Marsman established the Qiongqing Super Fund to invest in the robotics and components industry, aiming to explore opportunities aligned with the Shenzhen Stock Exchange's acquisition and restructuring policies [2][15] 7. **Sales Performance in 2024**: The company achieved a revenue of 1.376 billion yuan in 2024, a 35.68% decline, with a net profit of 11.15 million yuan, down 95%. The first quarter saw a 15.4% revenue drop, with subsequent quarters showing over 42% declines [4][8] 8. **Future Market Strategy**: Marsman aims to capture the stock housing market through promotional campaigns and by enhancing customer engagement, targeting over 100,000 home visits in 2025 [10][20] 9. **Product Development Plans**: The company is focusing on new product categories, including dishwashers, and plans to enhance consumer experience and market penetration [13][20] 10. **Impact of Real Estate Market**: The downturn in the real estate sector has significantly pressured the integrated stove industry, particularly in lower-tier cities, prompting Marsman to strengthen its old-for-new business model [9][18] Additional Important Insights - **Cost Structure**: The average cost per unit for integrated stoves rose to approximately 3,000 yuan, while the cost for water-washing products decreased to about 3,490 yuan [7] - **Industry Trends**: The integrated stove market is experiencing a downward trend, with retail sales and volume both declining significantly. The market is expected to stabilize as government policies aim to support the housing market [9][12] - **Competitive Landscape**: The number of small integrated stove brands has decreased significantly, with Marsman's market share potentially increasing as weaker competitors exit the market [19] This summary encapsulates the critical aspects of Marsman's conference call, highlighting the company's current challenges, strategic responses, and future outlook in the integrated kitchen appliance industry.