很多家庭在炖肉、煲汤时 会频繁使用 不过，近期几起 因高压锅引发的意外 提醒我们要注意使用安全 近日，一段江西网友上传的"高压锅突然爆炸"的视频在网络上引发热议。 画面显示，女主人刚从厨房走出，打开冰箱门准备取食材的瞬间，留在灶上的高压锅突发爆炸。万幸的是，当时厨房内没有人，并未造成人员受伤。 无独有偶，近日，河北保定的张女士在家用高压锅炖肉时，也遭遇了意外。 张女士表示，高压锅要排气，当时有个小红盖掉下去了，"我以为没气了，然后一碰就炸了，排气没排干净"。 （来源：中国妇女网） ⚠️注意：不能使用冰水进行冷疗！ 据了解，发生爆炸的高压锅是张女士几年前购买后第一次使用。爆炸导致她的脸部和颈部被高温蒸汽烫伤，所幸伤势不重。 压力锅有哪些风险？ 食物残渣堵塞泄压通道是高压锅最常见的安全隐患之一。 为了模拟这种安全隐患，消防员用双面胶封堵了高压锅的排气孔与安全阀，随后按照正常流程对高压锅进行加热。加热数分钟后，锅内压力持续升高，突 然传出一声闷响，高压锅被猛烈冲开，高温的液体与蒸汽瞬间向外喷溅。 试验现场的墙面、桌面布满了食物残渣和水渍，旁边用于模拟人体的假人表面也被高温液体覆盖。消防人员现场测量发现，喷溅范围可达 ...

万幸的是，爆炸发生时，厨房内没有人，此次意外并未造成人员受伤。这段惊险视频发布后，不少网友在评论区讨论，有的网友还留言了自己使用高压锅时 遇到的危险瞬间。 厨房本是家庭烹饪美食之处 可如果操作不当 却可能瞬间变成危险现场 近期发生的几起厨房意外事件 让人捏了一把汗 厨房锅具使用不当 爆炸起火事件频发 近日，一段江西网友上传的 "高压锅突然爆炸" 的视频在网络上引发热议。视频画面显示，一名女主人正在家中忙碌，她刚从厨房走出，打开冰箱门准备取 食材的瞬间，留在灶上的高压锅突然发生爆炸，厨房传来一声巨响。 消防员将一张普通垫纸平铺在空气炸锅的托盘内，随后在垫纸上放置少量未铺满托盘的食物。机器运转一段时间后，记者和消防员在空气炸锅的出气口处闻 到了明显的焦糊味。随即断电取出托盘，可见垫纸一侧已明显翘起，边缘出现大面积焦糊痕迹。 消防员 姚相宇：我们使用空气炸锅的托盘垫纸，它的质地都是比较轻的，在空气炸锅风扇的风力作用下，有可能会直接上浮，接触到上面的加热器。 无独有偶。近日，河北保定的一女子在家用高压锅炖肉时，也遭遇了高压锅爆炸的意外。 当事人 张女士：高压锅得排气，有个小红盖掉下去了，我以为是没气了，但是这么一碰就 ...

除了高压锅使用要规范操作，空气炸锅的安全隐患也不容忽视，这种厨房电器烤红薯、炸鸡翅既方便味道又好，大家使用频率较高，下面 就从消防试验中，看看它的安全隐患。 央视网消息：厨房本是烟火暖居之处，可如果操作不当，却可能瞬间变成危险现场。近期发生的几起厨房意外事件，让不少人捏了一把 汗。 ...

Core Insights - The article discusses the growth logic of companies as they scale from millions to billions and beyond, emphasizing the importance of strategic development at each stage of growth [1][3][25]. Group 1: Growth Stages - Companies can achieve different levels of revenue growth: from millions to billions, and then to trillions, by following a structured growth strategy [1][3]. - The growth process is described as a logical progression, where companies must navigate through various stages: individual products, product lines, categories, platforms, and ecosystems [1][3][25]. Group 2: Case Studies - Weixing Kele successfully transitioned from zero to one hundred million by focusing on product innovation and channel penetration, particularly in the waterproof coating market [4][9]. - Shanyuan Technology leveraged a unique product, the "mining lamp black box," to achieve significant revenue growth by addressing safety concerns in mining operations [10][11]. - Mars Man, a latecomer in the integrated stove industry, rapidly grew its revenue by expanding product categories and enhancing channel strategies [13]. - Supor transitioned from a small cookware company to a leading brand by effectively utilizing distribution channels and expanding its product range [16][17]. - Anta transformed its business model by focusing on operational efficiency and strategic store management, leading to substantial revenue growth [19][20]. Group 3: Strategic Insights - The article emphasizes the importance of channel development as a critical factor for achieving initial revenue milestones [9][12]. - Companies must focus on product and brand positioning while ensuring that operational strategies are aligned with market needs [6][12]. - The transition from product-level growth to category-level growth requires a clear understanding of how to structure product lines effectively [15][18]. Group 4: Ecosystem Development - Companies like COFCO and China State Construction have successfully implemented ecosystem strategies to achieve trillion-level revenues by integrating various business units and enhancing brand visibility [25][26]. - The article highlights the necessity of creating a unified brand strategy that aligns with the overall business objectives to facilitate sustainable growth [25][26].

Investment Rating - The report maintains a "Recommended" rating for Supor (002032) with a target price of 54.1 CNY [2][8]. Core Insights - Supor's Q3 2025 revenue reached 5.42 billion CNY, showing a year-over-year decline of 2.3%, primarily due to pressure on overseas sales, while domestic sales remained stable [8]. - The company's gross margin for Q3 2025 was 23.9%, unchanged from the previous year, indicating resilience in maintaining profitability despite competitive pressures [8]. - The net profit margin decreased to 7.9%, down 1.0 percentage points year-over-year, mainly due to increased marketing expenses [8]. Financial Performance Summary - **Revenue Forecasts**: - 2024A: 22,427 million CNY - 2025E: 23,127 million CNY (growth of 3.1%) - 2026E: 24,275 million CNY (growth of 5.0%) - 2027E: 26,181 million CNY (growth of 7.9%) [4][9] - **Net Profit Forecasts**: - 2024A: 2,244 million CNY - 2025E: 2,239 million CNY (decline of 0.3%) - 2026E: 2,389 million CNY (growth of 6.7%) - 2027E: 2,637 million CNY (growth of 10.4%) [4][9] - **Earnings Per Share (EPS)**: - 2024A: 2.80 CNY - 2025E: 2.79 CNY - 2026E: 2.98 CNY - 2027E: 3.29 CNY [4][9] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025E: 17 times - Price-to-Book (P/B) ratio for 2025E: 6.0 times [4][9] Market Performance - The report highlights that Supor's domestic sales of key products such as woks and pressure cookers showed positive growth, with sales increasing by 11.1% and 0.5% respectively in Q3 2025 [8]. - The company is positioned as a leading player in the small home appliance sector, benefiting from effective channel transformations and continuous product innovation [8].

Core Viewpoint - Supor's operating performance shows signs of fatigue, with revenue and net profit growth slowing down significantly in recent years [1][3][6]. Financial Performance - In 2024, Supor achieved revenue of 22.427 billion yuan, a year-on-year increase of 5.27%, and a net profit attributable to shareholders of 2.244 billion yuan, up 2.97% year-on-year [1][3]. - From 2019 to 2024, Supor's revenue and net profit grew by 13.29% and 16.88% respectively, indicating a slowdown in growth rates [1][3]. - Quarterly data for 2024 shows stable revenue but a decline in net profit in Q4, with revenue of 5.915 billion yuan and net profit of 0.812 billion yuan [4][5]. Market Position - Supor claims to hold the number one market share in domestic cookware, with continuous growth in online market share for cookware and leading positions in small kitchen appliances [5][6]. - In 2024, sales to the major shareholder amounted to 7.046 billion yuan, a year-on-year increase of 20.51%, accounting for 31.42% of total revenue [5]. Dividend Policy - Supor has a high cash dividend payout, distributing 2.239 billion yuan in 2024, which is 99.74% of its net profit [1][10]. - Over the past three years, the total dividends paid amount to 7.863 billion yuan, while the total net profit during the same period was 6.492 billion yuan [1][10]. Marketing and R&D - Supor's marketing expenses have been increasing, with 2024 marketing costs reaching 1.691 billion yuan, which is 77.48% of total sales expenses [7]. - In contrast, R&D expenses have remained relatively low, with 2024 R&D spending at 0.470 billion yuan, indicating a heavy reliance on marketing over product development [7]. Quality Issues - Supor has faced multiple complaints regarding product quality, including issues with electric cookers and cookware, which may impact brand reputation [8][9].