Group 1 - The core viewpoint of the article is that Xinbao Co., Ltd. (002705.SZ) primarily focuses on exporting its smart appliance products, which currently represent a small portion of the overall sales scale [1] Group 2 - The company has indicated that the majority of its smart appliance products are based on export orders [1] - The overall sales scale of these products remains relatively minor compared to the company's total sales [1]

新宝股份(002705)2月10日在互动平台表示，公司咖啡机出口国内排名前列；咖啡机自主品牌Barsetto （百胜图）国内销售也有较好的表现，在咖啡机领域有一定的知名度，但公司目前主要以出口业务为 主，Barsetto（百胜图）国内销售额占公司总体销售比例还很小。 ...

Core Viewpoint - The company, Xinbao Co., Ltd. (002705), emphasizes its commitment to small home appliances as its main business and plans to enhance research and development investments to diversify its product offerings and expand into new categories [1] Group 1: Business Strategy - The company aims to strengthen its R&D efforts to expand its core research areas [1] - Plans include diversifying product categories into commercial machines, personal care products, pet appliances, and high-tech gardening tools [1] - The company intends to broaden its product range horizontally and expand its global market presence [1] Group 2: Brand Development - The company is focused on enhancing its own brand development as part of its growth strategy [1] - Measures will be taken to ensure sustainable and healthy development of the company [1]

Group 1 - The company Donlim (东菱) is opening offline experience stores as a new marketing strategy and will consider further expansion based on current store operations [2] - The Morphy Richards (摩飞) brand has already opened offline experience stores or counters in several cities across the country, primarily located in high-end department stores, boutique supermarkets, and trendy brand stores [2]

（文章来源：证券日报） 证券日报网讯 2月6日，新宝股份在互动平台回答投资者提问时表示，公司各自主品牌的销售活动会结 合其推广节奏及各销售平台的活动进行。 ...

投资者： 上游原材料价格上涨对公司影响大吗？ 截至2026年2月4日收盘，新宝股份(002705)报收于14.11元，上涨0.36%，换手率1.18%，成交量9.55万 手，成交额1.34亿元。 董秘最新回复 投资者： 人民币兑美元大幅升值，对公司的利润影响大吗？ 董秘： 您好，感谢您对公司的关注。公司出口业务占比75%左右，主要以美元结算。人民币短期内快 速升值对公司出口业务会产生一定的影响。公司会持续关注宏观经济及汇率走势，加强外汇风险管理， 通过外汇衍生品对冲、择机安排结汇等措施来降低汇率波动风险。长期来看，公司将通过核心竞争力的 提升，不断提高公司产品的市场议价能力，保持持续稳健的经营。公司具体业绩请关注公司披露的定期 报告或相关公告，注意投资风险，谢谢！ 董秘： 您好，感谢您对公司的关注。公司上游原材料种类较多，公司会定时分析大宗原材料供求及价 格波动情况采取策略性采购安排。同时，公司OEM/ODM的订单周期较短，产品重新议价时会综合考虑 汇率、原材料价格等多方面因素。长期来看，公司将通过核心竞争力的提升，不断提高公司产品的市场 议价能力。公司具体业绩请关注公司披露的定期报告或相关公告，注意投资风险 ...

Market Performance - The small home appliance sector increased by 0.89% on February 4, with Fujia Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Stock Performance - Fujia Co., Ltd. (603219) closed at 19.40, up 3.47% with a trading volume of 101,300 shares and a transaction value of 192 million [1] - Lek Electric (603355) closed at 34.10, up 3.30% with a trading volume of 45,800 shares and a transaction value of 154 million [1] - Joyoung Co., Ltd. (002242) closed at 10.69, up 2.49% with a trading volume of 83,600 shares and a transaction value of 88.37 million [1] - Other notable stocks include Stone Technology (688169) which closed at 147.32, up 1.53% with a transaction value of 486 million [1] Capital Flow - The small home appliance sector experienced a net outflow of 56.84 million from institutional investors, while retail investors saw a net outflow of 6.16 million [2] - Conversely, speculative funds recorded a net inflow of 63.01 million [2] Individual Stock Capital Flow - Fujia Co., Ltd. had a net inflow of 29.21 million from institutional investors, but a net outflow of 28.55 million from retail investors [3] - Joyoung Co., Ltd. saw a net inflow of 6.15 million from institutional investors, with a net outflow of 4.35 million from retail investors [3] - Lek Electric had a net inflow of 4.43 million from institutional investors and a net inflow of 9.39 million from speculative funds [3]

Core Viewpoint - The company acknowledges the impact of rising upstream raw material prices but emphasizes its strategic procurement and pricing strategies to mitigate these effects [1]. Group 1: Company Response to Investor Inquiry - The company has a diverse range of upstream raw materials and regularly analyzes supply and price fluctuations to implement strategic procurement arrangements [1]. - The company highlights that its OEM/ODM order cycles are short, allowing for product re-pricing that considers multiple factors such as exchange rates and raw material costs [1]. - Long-term, the company aims to enhance its core competitiveness to improve market pricing power for its products [1].

（编辑 楚丽君） 证券日报网讯 2月3日，新宝股份在互动平台回答投资者提问时表示，二级市场股价的波动受市场环 境、投资者判断等多方面因素影响，公司会努力做好自身经营，实现可持续发展。重大信息请关注公司 在指定媒体发布的相关公告。 ...

Core Viewpoint - Recent increases in raw material prices, particularly copper and aluminum, have raised concerns about the profitability of leading white goods companies, but historical data suggests that the negative impact on gross margins may diminish over time [1][2] Group 1: Raw Material Price Impact - Since 2008, the home appliance industry has experienced three significant raw material price increase cycles, with the impact on gross margins decreasing over time: the highest quarterly gross margin decline was 5-7 percentage points during 2009-2011, around 5 percentage points in 2016-2017, and approximately 2 percentage points from 2020-2022 [1] - In January 2026, copper and aluminum prices increased by 36.7% and 20.9% year-on-year, respectively, which is lower than the increases seen from 2020-2022, suggesting that the current raw material cost impact on white goods companies may be less severe [2] Group 2: Production and Demand Trends - In February, the total production of white goods in China reached 23.79 million units, a 22.1% decrease compared to the same period last year, with a projected 5.0% decline for January-February combined [3] - The production performance of white goods has shown signs of recovery, with the impact of the Spring Festival timing affecting February production, but cumulative growth for January-February has slightly improved [3] Group 3: Retail Market Performance - In 2025, the retail scale of China's home appliance market is expected to decline by 4.3% year-on-year to 893.1 billion yuan, with specific categories like air conditioners and refrigerators experiencing declines of 0.4% and 11.5%, respectively [4] - Small home appliances are expected to perform better, with an overall retail growth of 3.8%, indicating a relative resilience compared to larger appliances [4] Group 4: Key Data Tracking - In January, the home appliance sector experienced a relative return of -2.6%, with raw material prices for copper and aluminum increasing by 7.8% and 4.8% month-on-month, respectively [5] Group 5: Investment Recommendations - Recommended stocks in the white goods sector include Midea Group, Haier Smart Home, TCL Smart Home, and Hisense Home Appliances, while TCL Electronics and Hisense Visual are recommended in the black goods sector [6]