新宝股份20260626

Summary of Conference Call for Xinbao Co., Ltd. Industry Overview - The small home appliance industry is closely related to consumer quality of life, evolving from functional products to those that are youthful, personalized, and experience-driven [3][10] - The domestic small appliance market has improved due to national subsidy policies, with retail performance showing an uptick in Q1 [7] Company Insights - Impact of Tariffs: The company faced significant disruptions in export orders to the U.S. due to tariff policies, particularly from early April to mid-May. Although conditions improved post-mid-May, uncertainties remain [2][4] - Indonesian Base Development: The second phase of the Indonesian base construction is progressing smoothly despite challenges. This base aims to cover more product categories and larger scale production [2][6] - Export Strategy: To mitigate high tariffs on small appliances, the company plans to rely more on Southeast Asia, particularly the Indonesian base, for exports [2][8] - Market Demand: Current consumer demand in the U.S. and Europe for small appliances is stable but lacks strong growth, influenced by inflation and cautious customer ordering [15][14] Financial and Operational Strategies - Cost Management: The company is cautious about high-cost channels like Douyin and emphasizes improving operational quality over short-term gains [12] - R&D Initiatives: The establishment of a research center in Shenzhen aims to drive technological innovation and address competitive pressures in the small appliance sector [11] - Future Performance Expectations: The company anticipates a stabilization of performance through overseas construction, with improvements expected in the latter half of 2025 and better prospects in 2026 as the Indonesian base matures [22] Market Dynamics - Competitive Landscape: The company believes that the release of domestic capacity will not significantly impact its competitive position due to a balanced customer and product layout [9] - Consumer Trends: There is a growing interest in integrating trendy elements into small appliances to enhance emotional value, reflecting a shift in consumer preferences [10] Additional Considerations - Currency Fluctuations: Recent currency fluctuations have had minimal impact on the company's operations, with ongoing monitoring in place [21] - Talent Retention: The company views talent mobility as normal and is focused on providing comprehensive development services to mitigate the risk of losing key personnel [13]