Breaking Down Bear Electric Appliance Co.,Ltd. Financial Health: Key Insights for Investors

From its founding in Shunde in 2006 to its Shenzhen Stock Exchange debut as 002959 in 2019, Bear Electric Appliance Co., Ltd. has scaled into a global small-appliance contender with five production bases spanning 500,000 square meters, over 4,000 employees, more than 200 injection machines and 75 assembly lines, seven R&D teams of 150+ engineers launching 100+ new products annually, and a digital '321' system that streamlines processes and data; its overseas sales jumped 105.66% to 370 million yuan in 2023 and then to 668 million yuan in 2024 (an 80.8% YoY increase), while 2024 also saw personal-care revenue surge 174.3% and mother-and-baby revenue rise 31.8%, prompting the 154 million yuan acquisition of a 61.78% stake in Guangdong Roman Intelligent in 2024 and contributing to a 138.84% increase in international sales in H1 2025 as Bear, led by founder-chairman Li Yifeng among the largest shareholders, leverages lean manufacturing, diversified channels (retail and e-commerce), and distribution across over 300 countries and regions to pivot from domestic margin pressures toward rapid overseas expansion.

Bear Electric Appliance Co.,Ltd. (002959.SZ) - Intro

• Founded: 2006, Shunde, Guangdong
• Stock market listing: Shenzhen Stock Exchange, 2019 (002959.SZ)
• Production footprint (2022): 5 production bases, total area 500,000 m²
• Headcount (2022): >4,000 employees

• Core product categories: yogurt makers, egg boilers, crock pots, steamers, and other compact kitchen appliances.
• Target customers: young, urban consumers seeking affordable, design-forward small appliances.
• Geographic reach: strong domestic distribution plus growing exports to Southeast Asia, Europe, and the United States.

• R&D and product development focused on compact, low-cost appliances with user-friendly features to maximize unit sales and repeat purchases.
• Manufacturing scale achieved through five production bases (500,000 m²) to reduce per-unit costs and support margin expansion.
• Sales channels: domestic retail, e-commerce platforms, and expanding overseas distribution networks-exports grew significantly in 2023 (¥370M, +105.66%).
• Growth strategy: product portfolio diversification and acquisitions (e.g., 61.78% acquisition of Guangdong Roman Intelligent Co., Ltd. for ¥154M in 2024) to enter new overseas markets and broaden technology/product lines.
• Revenue drivers: unit volume growth, channel mix shift toward higher-margin e-commerce and international markets, and incremental gains from new product introductions.

Bear Electric Appliance Co.,Ltd. (002959.SZ): History

• Public listing: Shenzhen Stock Exchange, ticker 002959.SZ.
• Business evolution: from small appliances to diversified household electricals and smart appliances.
• Geographic expansion: nationwide sales network with growing exports to Southeast Asia, Europe and the Middle East.

• Major shareholder: Founder & Chairman Li Yifeng - significant controlling stake as of late 2025.
• Other holders: domestic institutional investors, mutual funds, and a broad retail base.
• Insider holdings and board composition designed to balance control and minority shareholder protections.

• Retail & e-commerce: branded appliance sales through own channels and third-party platforms.
• Wholesale & distribution: supplies to retailers, distributors and institutional buyers.
• OEM/ODM contracts: manufacturing for other brands under contract.
• After-sales services and extended-warranty programs contributing recurring revenue.

Bear Electric Appliance Co.,Ltd. (002959.SZ): Ownership Structure

• Mission: Provide innovative, user-friendly and cost-effective home appliances that enhance consumers' quality of life.
• Customer-centricity: Prioritize understanding and meeting diverse global customer needs.
• Continuous innovation: Maintain steady investment in R&D to blend functionality with aesthetic appeal.
• Sustainability: Implement environmentally friendly manufacturing practices and materials where feasible.
• Integrity & transparency: Uphold ethical business practices across governance and supply chains.
• Social responsibility: Engage in community initiatives and corporate social programs.

• Product portfolio: Small kitchen and household appliances (e.g., electric kettles, rice cookers, air fryers, humidifiers) sold under company brands and OEM/ODM contracts.
• Revenue streams: Direct retail sales (domestic and export), e-commerce channels, wholesale/distribution partners, and OEM/ODM manufacturing services.
• Cost structure: Raw materials and component procurement, manufacturing and labor, R&D, marketing and distribution, and after-sales service.
• Profit drivers: Scale manufacturing, seasonal product cycles, premium-design product lines, and margin improvement via higher-value SKUs and efficient supply-chain management.

• Largest shareholder: Bear Electric Group Co., Ltd. - strategic/controlling stake (~31.6%).
• Public float & institutional investors: Combined public/institutional free float (~68.4%), with domestic funds and retail shareholders holding the balance.
• Board and management: Professional management team with independent directors and a governance structure aligned to Shenzhen exchange requirements.
• Shareholder alignment: Major shareholder provides strategic direction while management focuses on market execution and R&D-led product development.

• R&D focus: New product cycles and design-driven launches to capture premium segments and boost ASP (average selling price).
• Omnichannel sales: Strong push on e-commerce platforms plus traditional retail and export markets to diversify revenue.
• Sustainability initiatives: Gradual adoption of energy-efficient product lines and reduced material waste in production.
• OEM/ODM capability: Additional revenue from contract manufacturing for third-party brands, leveraging factory utilization.

Bear Electric Appliance Co.,Ltd. (002959.SZ): Mission and Values

• Listed on the Shenzhen Stock Exchange: 002959.SZ.
• Evolution from a domestic appliance manufacturer to an exporter with global reach across consumer and commercial segments.
• Ownership structure: publicly listed company with institutional and retail shareholders (major shareholders typically include strategic investors, management holdings and public float - consult the latest Exploring Bear Electric Appliance Co.,Ltd. Investor Profile: Who's Buying and Why? for current registry details).

• Production footprint: five production bases covering a total area of 500,000 square meters.
• Manufacturing equipment: over 200 injection machines and 75 assembly lines supporting mass production and model variation.
• Lean manufacturing emphasis: standardized processes, focused supply chain management, continuous quality control and waste reduction to improve throughput and yield.
• Digital integration: employs a "321" system that unifies processes, systems and data to accelerate decision-making, production scheduling and inventory control.
• R&D capacity: seven dedicated R&D teams with more than 150 engineers; portfolio refresh with over 100 new products developed annually to meet shifting consumer demand.
• Sales and distribution: combination of traditional retail channels and a robust e-commerce platform enabling omnichannel reach across China and international markets.
• Global presence: products sold in more than 300 countries and regions, including Southeast Asia, Europe and the United States.

• Product sales: core revenue from household electrical appliances and related consumer electronics sold under the Bear brand and via OEM/ODM agreements.
• Channel mix: wholesale to retail partners, direct-to-consumer e-commerce, and cross-border export contracts.
• New-product commercialization: frequent product launches (100+ annually) that sustain SKU turnover and seasonal sales cycles.
• Operational leverage: scale in manufacturing (500,000 m² footprint, automated injection and assembly) reduces unit costs and supports margin improvement.
• Data-driven decisions: the 321 digital system optimizes inventory, shortens lead times and supports pricing and promotional strategies.
• Export growth: geographical diversification-sales across Southeast Asia, Europe and the U.S.-reduces dependence on any single market and captures higher-margin international segments.

• Large-scale manufacturing capacity for rapid volume ramp-up.
• Integrated digital systems (321) linking production, supply chain and sales data.
• Robust R&D pipeline->100 new product introductions annually.
• Balanced channel strategy combining traditional retail reach and strong e-commerce capabilities.

Bear Electric Appliance Co.,Ltd. (002959.SZ): How It Works

• Primary revenue drivers: consumer kitchen appliances, personal care devices, and mother & baby products.
• Sales channels: direct e‑commerce (own stores and marketplaces), offline retail partnerships, international distributors, and OEM/ODM contracts.
• R&D and product lifecycle: in‑house R&D plus targeted acquisitions to broaden capabilities and accelerate time‑to‑market.

• Product design & development - proprietary design teams develop differentiated, consumer‑oriented appliances (air fryers, blenders, toasters).
• Contract manufacturing & internal factories - scale manufacturing to achieve lower unit costs and margin management.
• Channel optimization - mix of online premium positioning and mass offline distribution to capture volume and margins.
• International expansion - prioritize export growth via localized partners and international e‑commerce platforms.
• M&A and strategic stakes - bolt‑on acquisitions to add product lines, technology and incremental revenue streams.

• Kitchen appliances: consistent base revenue, driven by flagship categories (air fryers, blenders, toasters) and seasonal promotions.
• Personal care & home comfort: highest growth segment in 2024, driven by humidifiers and vacuum cleaners (+174.3%).
• Mother & baby: expanding via focused R&D and new SKUs, +31.8% in 2024.
• International sales: strong acceleration, 668M yuan in 2024 (+80.8%), diversifying revenue and improving gross scale.
• M&A contribution: Guangdong Roman Intelligent stake expected to add incremental revenue and broaden product portfolio.

• SKU rationalization and premiumization - shifting mix toward higher‑margin, innovative SKUs.
• Supply chain scale - bulk procurement and manufacturing efficiency to lower COGS.
• E‑commerce penetration - higher margin direct sales via owned channels and branded flagship stores.
• Export diversification - leveraging overseas growth to offset domestic cyclicality.

Bear Electric Appliance Co.,Ltd. (002959.SZ): How It Makes Money

• Core revenue streams: branded product sales (online marketplaces, retail partners), OEM/ODM manufacturing, and after-sales parts/service.
• Profitability drivers: product mix (high-margin innovative small appliances), scale manufacturing, and cross-border channel expansion.
• Challenges: intensified price competition and domestic market saturation compress gross and net margins.

• Market standing: recognized as a top-tier brand in China's small home-appliance segment with strong brand recognition and frequent new-product launches.
• Domestic dynamics: slower domestic demand and price pressure have reduced margins, prompting strategic emphasis on higher-value SKUs and cost control.
• International push: company reports international sales growth of 138.84% in H1 2025 as it scales overseas channels, product localization and marketing capability.
• Strategic M&A: acquisition of Guangdong Roman Intelligent Co., Ltd. aims to strengthen overseas distribution, add smart-product technology and diversify offerings.

• R&D and product innovation to maintain premium SKUs and protect margins.
• Scaling overseas product development and marketing to convert international demand (notably H1 2025 growth of 138.84%).
• Channel expansion: building direct e-commerce presence, local distributors and cross-border logistics capability.