数据显示，广发基金旗下1只基金位居亿田智能十大流通股东。广发创新升级混合（002939）三季度新 进十大流通股东，持有股数134.9万股，占流通股的比例为0.79%。根据测算，今日浮盈赚取约285.98万 元。 2月27日，亿田智能涨5.73%，截至发稿，报39.13元/股，成交8040.54万元，换手率1.24%，总市值71.74 亿元。 资料显示，浙江亿田智能厨电股份有限公司位于浙江省绍兴市嵊州市浦口街道浙锻路68号，成立日期 2003年9月25日，上市日期2020年12月3日，公司主营业务涉及集成灶等现代新型厨房电器产品的研发、 生产和销售。主营业务收入构成为：集成灶58.38%，其他33.32%，算力业务8.30%。 从亿田智能十大流通股东角度 吴远怡累计任职时间5年152天，现任基金资产总规模197.48亿元，任职期间最佳基金回报161.08%， 任 职期间最差基金回报-4.23%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com ...

Company Performance - The company expects a net profit loss of between 43 million to 62 million yuan for 2025, with revenue projected to be between 210 million to 250 million yuan, which is below the critical threshold of 300 million yuan [2] - To address performance pressures, the company announced a brand upgrade on January 24, 2026, changing its name from "帅丰集成灶" to "帅丰集成厨电" to expand into the full kitchen appliance sector [3] - The company plans to optimize its product structure and may introduce strategic investors or undergo industry chain restructuring to improve revenue [3] Industry Environment - The integrated stove industry is experiencing a slowdown in demand, with retail sales in the first half of 2025 declining by 27.6% year-on-year [4] - A consumption upgrade policy introduced by the Ministry of Commerce and six other departments in 2026 may provide a recovery opportunity for the industry, but the company needs to quickly enhance product competitiveness and channel efficiency to benefit [4] Financial Situation - The company anticipates recognizing asset impairment losses of approximately 45 million yuan and credit impairment losses of about 18 million yuan in 2025, which will further exacerbate losses [5] - Despite a low debt-to-asset ratio of 7.83% as of the third quarter of 2025, the company is facing deteriorating cash flow, with a net operating cash flow of -88.41 million yuan for the first three quarters [5]

Investment Rating - The report maintains a positive outlook on the home appliance industry, with a focus on the "buy" and "outperform" ratings for specific companies within the sector [10]. Core Insights - The "old-for-new" policy implemented in 2024 has significantly stimulated the home appliance market, expanding the subsidy scope to include eight categories, resulting in notable retail growth for certain products [4]. - The report highlights a divergence in performance among kitchen appliance categories, with traditional products facing declining sales while emerging categories show mixed results [4]. - The 2026 "old-for-new" policy is expected to benefit leading brands with superior energy efficiency and performance, particularly in the kitchen appliance sector [4]. Summary by Sections Retail Data Analysis - In 2024, the retail sales of kitchen appliances are projected to reach CNY 362 billion for range hoods (up 14.9% YoY), CNY 204 billion for gas stoves (up 15.7% YoY), CNY 236 billion for electric water heaters (up 1.3% YoY), and CNY 296 billion for gas water heaters (up 8.8% YoY) [4]. - For 2025, the overall retail sales of kitchen and bathroom appliances are expected to decline to CNY 1,613 billion (down 8.5% YoY), with a total volume of 89.77 million units (down 5.3% YoY) [4]. Market Share Insights - In the offline market, leading brands like Boss and Fotile dominate with nearly 60% market share in range hoods and gas stoves, while online competition is intensifying with brands like Midea and Xiaomi rapidly gaining market share [4]. - The report notes that in the dishwasher category, Boss and Fotile each hold close to 20% market share, disrupting the previous dominance of Siemens [4]. Investment Recommendations - The report recommends investing in established brands such as Boss Electric and Huashang Co. in traditional categories, and Wanhe Electric in the water heater segment, which are expected to benefit from the new subsidy policies [4].

行 业 及 产 业 行 业 研 究 / 行 业 点 相关研究 证 券 研 究 报 告 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120003 liujl@swsresearch.com 联系人 刘嘉玲 A0230522120003 liujl@swsresearch.com 家用电器 2026 年 02 月 13 日 25H2 厨电换新高基数压力渐显， 26 年补贴聚焦核心品类 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 评 - ⚫ 24 年以旧换新激活家电消费市场。2024 年"以旧换新"政策落地后，家电品类补贴范 围扩容，拉动需求成效显著：除了 09 年已经涉及的彩电、冰箱、洗衣机、空调、电脑 5 个补贴品类外，新增热水器、家用灶具、吸油烟机 3 个品类，共计补贴 8 大品类。根 据奥维云网推总数据，2024 年油烟机实现零售额 362 亿元，同比增长 14.9%，燃气灶 实现零售额 204 亿元，同比增长 15.7%，电热实现零售额 236 亿元，同比增长 1. ...

Core Viewpoint - Mars Man, a leading integrated stove company, is expected to report a net profit loss of 270 million to 370 million yuan in 2025, marking its first loss since going public [1][3]. Group 1: Financial Performance - In 2021, Mars Man achieved a record revenue of 2.319 billion yuan and a net profit of 376 million yuan, marking its peak performance [3][4]. - By 2025, the company reported a revenue of 577 million yuan, a year-on-year decline of 43.03%, and a net profit loss of 218 million yuan, a staggering drop of 1546.12% compared to the previous year [6][13]. - The company's market value has plummeted over 70% from its peak of 19.84 billion yuan in 2021 [9][10]. Group 2: External Challenges - The downturn in the real estate market has significantly impacted the integrated stove industry, as demand is closely tied to new home renovations [11]. - In 2025, the government introduced a home appliance replacement subsidy policy, but integrated stoves were not included, further exacerbating the company's challenges [11][12]. - The overall market for integrated stoves saw a 28.3% decline in sales volume and a 32.7% drop in sales revenue in the first three quarters of 2025 [12][13]. Group 3: Internal Issues - Mars Man's strategy has focused heavily on marketing while neglecting research and development, leading to a soaring sales expense ratio of 46.8% in 2025 [14][15]. - The company's cash flow from operating activities turned negative, with a net cash flow of -199 million yuan, a decline of 98.94% year-on-year [14][15]. - R&D expenditures have decreased, with only 65 million yuan spent in the first three quarters of 2025, a nearly 20% drop compared to the previous year [21][23]. Group 4: Market Position and Brand Image - The shift in advertising strategy from a focus on product technology to emotional resonance reflects a weakening of the company's core competitive advantages [18][19]. - Negative public sentiment arose from a controversial advertising campaign in early 2026, damaging the brand's image and highlighting growth anxieties [16][17]. - Shareholders have begun to divest, with significant stock reductions occurring, indicating a lack of confidence in the company's future [24].

Core Insights - The report highlights the emergence of "high prosperity spillover" in the AI sector, suggesting that while the fundamental elasticity may not match the high prosperity itself, there is still potential for elasticity in spillover markets [2][11] - It emphasizes the importance of basic bottom-line requirements for spillover markets, indicating that the prosperity cycle needs to confirm a clear bottom [11] - The report suggests that the valuation structure of high prosperity can break through historical averages, but the spillover structure may face challenges [11] Industry Summaries AI Sector - The report identifies specific industries benefiting from AI price spillover, recommending attention to fiberglass and optical fiber due to their favorable valuations and visible price increases [2][11] - Fiberglass is noted for its strong bargaining power in the global supply chain, with a valuation slightly above historical averages, indicating a favorable risk-reward profile [11] - The optical fiber sector is experiencing a recovery in traditional segments alongside expectations for AI business advancements, presenting a high short-term success rate [11] Real Estate - The report indicates that the most challenging period for the real estate sector may be over, with signs of marginal improvement in supply and demand dynamics [11] - Data shows a narrowing decline in key indicators, with a significant reduction in the year-on-year decline of second-hand housing transactions [11] - Policy measures are being implemented to stabilize the real estate market, focusing on risk management and ensuring the protection of livelihoods [11] Consumer Electronics - The report discusses the impact of the "old-for-new" policy on the home appliance market, noting significant sales volumes and revenue generated from this initiative [15][18] - It highlights the performance of various appliance categories, with a focus on the kitchen appliance sector, which is experiencing varied performance amid high base pressures [18] - The report anticipates that the 2026 "old-for-new" policy will continue to benefit leading brands with superior product efficiency and performance [18] Tourism and Hospitality - The report outlines the expected surge in domestic tourism during the extended Spring Festival holiday, predicting a significant increase in passenger transport volumes [21] - It notes a shift in consumer preferences towards high-quality accommodations and diverse travel experiences, driven by family and senior travelers [21] - The report suggests that the tourism market is experiencing a multi-faceted explosion, with emerging destinations gaining popularity [21]

Core Viewpoint - The company Mars (300894) is expected to report a net profit loss of between 270 million to 370 million yuan for 2025, marking its first annual loss since going public, primarily due to declining demand in the real estate market and underperformance in integrated stove sales, along with rising sales expense ratios [1][2]. Financial Performance - The company anticipates a net profit loss of 270 million to 370 million yuan for 2025, a significant shift from profit to loss year-on-year [1][2]. - This will be the first annual loss since the company was listed [1][2]. Market Conditions - The decline in the real estate market is a major factor impacting the company's performance [1][2]. - Sales of the integrated stove business did not meet expectations, contributing to the overall financial downturn [1][2]. Management Actions - On January 6, 2026, the company announced that its controlling shareholder and associated parties reduced their holdings by approximately 2.99 million shares, representing 0.74% of the total share capital, bringing their ownership down to 60.57% [3]. Strategic Initiatives - In response to industry pressures, the company plans to enhance brand building and market investment, actively engaging in new media resources to boost brand influence [4]. - Future focus will be on the effectiveness of marketing transformation and progress in cost control [4].

Core Insights - The article highlights the advancements in smart elderly care solutions in Jiangsu, particularly in Nanjing, showcasing how technology is enhancing the quality of life for senior citizens [1][2]. Group 1: Smart Elderly Care Solutions - The company Aipuleide Electronic Technology Co., Ltd. provided a comprehensive elderly-friendly home modification solution for a 90-year-old resident, Mr. Lian [2]. - Smart devices such as anti-slip flooring, a smart medication dispenser, and an adjustable nursing bed are being utilized to improve safety and health monitoring for elderly individuals [3][4]. Group 2: Government Support and Subsidies - Jiangsu province initiated a "Renewal" action for home modifications, offering subsidies for 68 categories of elderly care products, with a maximum subsidy of 15,000 yuan per household [4]. - Over 64,000 households in Jiangsu completed elderly-friendly home modifications last year, with the government disbursing over 50 million yuan in subsidies [4].

Core Viewpoint - The integrated stove industry is facing significant demand pressure and intense competition, leading to a downward adjustment in profit forecasts for the company [2]. Group 1: Industry Demand and Competition - The integrated stove industry is experiencing a decline in demand, primarily due to a downturn in the real estate sector and high product prices, which are less appealing in a context of consumer downgrade [2]. - The competitive landscape in the integrated stove industry is fragmented, with minimal differentiation among products, resulting in increased competition and pressure on profit margins [2]. - Sales expenses are high due to the competitive environment, further impacting profitability [2]. Group 2: Financial Forecasts - The company has adjusted its earnings per share (EPS) forecasts for 2025-2027 to -0.92, 0.23, and 0.55 yuan, reflecting year-on-year changes of -735.5%, +125.2%, and +138.9% respectively [2]. - The company anticipates a net profit attributable to shareholders for 2025 to be between -186 million and 152 million yuan, compared to a profit of 27 million yuan in the same period last year [2]. - The fourth quarter of 2025 is expected to yield a net profit of -75 million to 41 million yuan, down from a profit of 38 million yuan in the previous year [2]. Group 3: New Business Development - The company is in the initial investment phase of its computing power business, which is intended to serve as a second growth curve alongside its main integrated stove operations [3]. - The company has established subsidiaries like Gansu Yisuan and partnered with Suiruan Technology to focus on the domestic computing power sector [3]. - Currently, the computing power business has not yet achieved economies of scale, resulting in pressure on profitability [3].

Investment Rating - The investment rating for the company is "Cautious Accumulate" with a target price of 37.79 CNY, while the current price is 37.44 CNY [5][10]. Core Insights - The report indicates that the company is facing significant pressure from declining demand and intensified competition in the integrated stove industry. The new business segment focused on computing power is still in the investment phase and has not yet achieved scale effects [2][10]. - The company has adjusted its earnings forecast for 2025-2027, expecting EPS of -0.92, 0.23, and 0.55 CNY respectively, reflecting a year-on-year change of -735.5%, +125.0%, and +140.3% [10]. Financial Summary - Total revenue is projected to decline from 1,227 million CNY in 2023 to 506 million CNY in 2025, representing a decrease of 42.7% [4]. - Net profit attributable to the parent company is expected to drop significantly to -169 million CNY in 2025 from 179 million CNY in 2023, marking a change of -735.5% [4]. - The company's earnings per share (EPS) is forecasted to be -0.92 CNY in 2025, down from 0.98 CNY in 2023 [4]. - The return on equity (ROE) is expected to decline to -13.9% in 2025 from 11.7% in 2023 [4]. Industry Overview - The integrated stove industry is experiencing weak demand and fierce competition, exacerbated by a downturn in the real estate market and a trend towards consumer downgrading, which affects the pricing power of high-end products [10]. - The company is attempting to diversify by investing in computing power as a second growth curve, but this segment is currently not profitable [10].