2025年8月19日，双方自行和解或者投诉人撤回投诉。处理部门为：北京海淀区市场监督管理局。 天眼查商业履历信息显示，同方股份有限公司成立于1997年6月25日，位于北京市海淀区王庄路1号清华 同方科技大厦A座30层，是一家以从事互联网和相关服务为主的企业，企业注册资本335029.7713万人民 币，法定代表人为韩泳江。 8月19日，根据全国12315消费投诉信息公示，同方股份有限公司新增投诉。 根据投诉信息，2025年08月11日，消费者雷**（手机尾号 2957，用户ID ****7330）反映其于2025年08 月11日在淘宝网通过网购购买电脑台。可能存在质量->其他质量问题，要求修理。 ...

以下文章来源于软科 ，作者世界大学学术排名 软科 . 高等教育评价领先品牌 （2025年8月15日）全球领先的高等教育评价机构软科今日正式发布"2025软科世界大学学术排名"。排名展示了全球领先的1000所研究型大学， 中国 内地共有222所大学上榜，其中13所位列世界百强，与去年持平。清华大学 首次跻身世界前20，排名全球第18，位列亚洲第一。 北京大学 排名第 23， 浙江大学 排名第24， 上海交通大学 排名第30， 中国科学技术大学 排名第40， 复旦大学 排名第41，中国前五名高校的世界排名相比去年均有 不同程度的提升。 中山大学 （65名）、 华中科技大学 （73名）、 南京大学 （75名）、 武汉大学 （81名）、 四川大学 （87名）、 西安交通大学 （92名）、 中南大学 （96名）继续保持在全球百强。 广西师范大学、天津工业大学、安徽师范大学 等22所中国内地高校首次上榜，显示出中国大 学的学术水平和国际影响力正在持续攀升。 软科世界大学学术排名（ShanghaiRanking's Academic Ranking of World Universities，简称ARWU）是世界范围内首个 ...

Core Viewpoints - The home appliance sector is expected to show steady growth in domestic sales despite the diminishing effects of national subsidies, with a return to stable growth anticipated in the second half of 2025 [3][25] - The valuation of the home appliance industry remains at a low level, with the industry index PE (TTM) at 14.45X, placing it at the 39.0 percentile since 2020 [13] - The report maintains an "outperform" rating for the home appliance sector, highlighting the resilience of major appliances and the recovery of small appliances [1][3] Summary by Sections 1. Overall Market Performance - In the first half of 2025, the home appliance sector slightly underperformed the market, with the sector index down 1.2% compared to the Shanghai and Shenzhen 300 index, which remained stable [10] - The home appliance sector's valuation is at a five-year low, with significant growth in home appliance components, which saw a rise of over 17% [10][11] 2. White Goods - Domestic sales of white goods benefited from national subsidy policies, showing strong resilience, with a projected steady growth in the second half of 2025 despite a slowdown in growth rates [4][19] - Major brands like Midea, Haier, Gree, and Hisense are recommended for investment due to their strong market positions and global production capabilities [4][17] 3. Black Goods - The black goods segment, particularly televisions, is experiencing stable demand with a shift towards Mini LED technology and decreasing panel prices, which are expected to enhance profitability for leading companies [40][44] - The domestic retail volume of televisions increased by 1.8% in the first half of 2025, with retail revenue growing by 7.5% [44] 4. Kitchen Appliances - The kitchen appliance sector is seeing a recovery in demand, particularly for traditional cooking appliances, driven by national subsidies, with retail sales of range hoods and gas stoves showing significant growth [53][54] - The overall demand for kitchen appliances is expected to stabilize as the effects of national subsidies wane, with a focus on the recovery of the real estate market to support future growth [55][57] 5. Small Appliances - The small appliance market, particularly kitchen appliances, is witnessing a notable recovery, with retail sales reaching 31.9 billion yuan, a year-on-year increase of 9.3% [65] - The demand for new cleaning products, such as robotic vacuum cleaners, has surged, with sales increasing by over 40% due to national subsidies [68][66] 6. Technology Integration - Leading home appliance companies are focusing on their strengths and expanding into emerging application areas, such as smart home technology and AI products, which are expected to drive long-term growth [4][28]

Group 1 - The Shanghai Intelligent Transportation Index (H50035) rose by 0.44% to 1892.42 points, with a trading volume of 17.419 billion yuan [1] - The index has increased by 8.14% over the past month, 10.83% over the past three months, and 12.35% year-to-date [1] - The index series reflects the performance of listed companies influenced by changes in economic and consumption structures during the urbanization process, focusing on themes such as intensive, intelligent, and green low-carbon development [1] Group 2 - The top ten weighted companies in the Shanghai Intelligent Transportation Index include SAIC Motor (10.39%), Hongfa Technology (9.56%), Aerospace Electronics (9.15%), and others [1] - The index is composed entirely of companies listed on the Shanghai Stock Exchange, with a 100% representation [1] - The industry composition of the index sample shows that industrial companies account for 31.00%, consumer discretionary for 29.43%, information technology for 28.24%, and communication services for 11.33% [2] Group 3 - The index sample is adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2] - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to specific calculation and maintenance guidelines [2]

Summary of TCL Smart Home Conference Call Company and Industry Overview - **Company**: TCL Smart Home - **Industry**: Home Appliances, specifically focusing on refrigerators and white goods Key Points and Arguments 1. **Ouma Refrigerator's Dominance**: Ouma Refrigerator holds a leading position within TCL Smart Home due to its high profit margins, benefiting from its upstream position in the supply chain and strong economies of scale, with an average profit of approximately 150 RMB per unit [2][8] 2. **Acquisition Strategy**: TCL's acquisition of Ouma Electric aims to enhance the valuation of white goods assets through a reverse listing and leverage the synergy between black and white goods, particularly in the European market, to expand higher-margin white goods business [2][6] 3. **China's Global Market Position**: Chinese home appliance manufacturers dominate the global market, producing a significant portion of the world's air conditioners, refrigerators, and washing machines, with Ouma accounting for about 30% of the export market share [2][11] 4. **Acquisition Status**: TCL has paused the acquisition of the remaining 49% stake in Ouma Refrigerator but retains the right of first refusal for future strategic needs [2][10] 5. **Impact of European Market**: The European market is crucial for the refrigerator export industry, with fluctuations in inventory, shipping costs, and exchange rates affecting large enterprises like Ouma, which can capitalize on rising shipping costs to gain market share [2][17] 6. **Consolidation in Domestic Market**: The domestic refrigerator industry is experiencing consolidation, with smaller manufacturers losing market share, while larger companies like Ouma benefit from economies of scale and process optimization to achieve higher profit margins [2][18] 7. **Profitability Factors**: TCL Smart Home has benefited from lower domestic PPI and higher European CPI, significantly improving export profit margins despite potential short-term growth slowdowns [3][16] 8. **Core Assets**: The core assets of TCL Smart Home include Ouma Refrigerator and TCL Hefei, with Ouma contributing the majority of profits, while TCL Hefei is currently at a break-even point [4][6] 9. **Historical Context**: Ouma Electric faced liquidity risks in 2019 due to its internet finance business, leading to the sale of a 49% stake in Ouma Refrigerator to address these issues, followed by TCL becoming the largest shareholder in 2021 [5][6] 10. **Black and White Goods Synergy**: The synergy between black and white goods is vital for enhancing brand influence and market share, particularly in Europe, where successful examples exist [7][8] 11. **Cost Advantages**: Chinese home appliance manufacturers, including Ouma, enjoy significant cost advantages, with manufacturing cost indices showing China at 100 compared to 120-130 for Vietnam and 180-200 for the U.S. [8][11] 12. **Bullwhip Effect**: The home appliance export sector experiences a bullwhip effect, where retail fluctuations are less than shipment fluctuations, leading to increased uncertainty in the upstream supply chain [14] 13. **International Market Dynamics**: TCL's exposure to the U.S. market is limited due to tariff policies, while its exports to Europe are increasing, reflecting a shift in production capabilities [15][22] 14. **Future Growth Potential**: TCL Smart Home's current valuation is around ten times earnings, considered relatively cheap, with long-term growth potential expected from the next industrial cycle [22] Additional Important Insights - **Production Cost Management**: Ouma's ability to reuse molds significantly reduces opening mold costs, enhancing its competitive edge in the refrigerator manufacturing sector [12] - **Emerging Market Challenges**: While emerging markets present growth opportunities, challenges such as electricity coverage and potential loss of existing customer orders due to brand competition remain [21][20] - **Strategic Global Capacity Layout**: Ouma Electric is expanding its global capacity in Southeast Asia to meet future business demands, leveraging its strong supply chain capabilities [19]

Core Insights - The report highlights that in 2024, the total salary of A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - Among the white goods sector, the average annual salary for company secretaries is 843,100 yuan, with 8.33% earning over 1 million yuan [9] - The age distribution of secretaries in the white goods sector shows that 41.7% are aged 40-50, while 33.3% are over 50 [1][3] Salary and Employment Data - The average salary for white goods company secretaries decreased by 19.11% compared to 2023, with the median salary dropping by 12.80% [9] - The highest-paid secretary is from Midea Group, earning 3.36 million yuan, while the lowest is from Xueqi Electric, earning 366,400 yuan [9][10] - The tenure distribution indicates that 41.7% of secretaries have served for 1-3 years, while 25% have been in their roles for less than a year [3] Educational Background - In the white goods sector, 50% of company secretaries hold a bachelor's degree, while the other 50% have a master's degree [5] - Secretaries with a master's degree earn an average salary of 1.1631 million yuan, which is 38.36% higher than their counterparts with a bachelor's degree [9] Engagement and Interaction - Approximately 41.7% of secretaries in the white goods sector receive fewer than 10 investor meetings annually, with some, like Whirlpool's secretary, not conducting any meetings [7] - The highest engagement is seen with Longhong Meiling's secretary, who conducted 242 meetings in a year, averaging one per day [7]

Group 1 - The Shanghai Composite Index broke through 3600 points and showed strength again today, with the Wind All A Index surpassing the previous high of 9.24, indicating a positive trend in the A-share market [1] - The WAIC 2025 will open on July 26, showcasing over 3000 cutting-edge exhibits, including more than 100 "global debuts" and "China debuts," marking the largest scale in history [1] - According to a report by China International Capital Corporation (CICC), the technology foundation and product roadmap for building AIAgent intelligent agents are maturing, with expectations for significant advancements in AI applications and the formation of a complete commercial ecosystem by 2025 [1] Group 2 - The AI ETF (515070) tracks the CS Artificial Intelligence Theme Index (930713), focusing on companies providing technology, resources, and applications in the AI sector, often referred to as the "robot brain" creators and the "foundation" of the Internet of Everything [2] - The top ten weighted stocks in the AI ETF include leading domestic technology companies such as Cambricon Technologies, Hikvision, and iFlytek, indicating a strong representation of the AI industry [2] Group 3 - Related products include the AI ETF (515070), Huaxia CSI Artificial Intelligence Theme ETF Link A (008585), and Huaxia CSI Artificial Intelligence Theme ETF Link C (008586) [3]

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [4] Core Views - The home appliance industry is experiencing internal growth while external sales are under pressure, with a stable outlook for the second quarter [4][13] - Domestic sales are benefiting from national subsidy policies, leading to positive retail and shipment growth, while external sales face challenges due to high base effects and tariff disruptions [13][14] - The overall performance of listed home appliance companies is expected to remain stable with revenue growth driven by structural upgrades and efficiency improvements [13] Summary by Sections White Goods - Domestic sales growth is accelerating, while external sales are declining due to high base effects and tariff disruptions [2][14] - In April and May, air conditioner shipments increased by 2.6% year-on-year, with domestic sales up 9.5% and external sales down 6.3% [2][14] - Revenue growth for white goods companies is expected to be around double digits, with profit margins showing slight improvement [2][22] Kitchen Appliances - Kitchen appliance demand is improving due to national subsidy policies, with online retail sales growth for range hoods and gas stoves between 10%-20% [2][38] - However, the real estate sector continues to exert pressure, particularly on integrated stove companies [38] - Traditional kitchen appliance companies are expected to see improved profit margins due to declining raw material prices [38] Black Goods - The black goods segment is experiencing structural upgrades, with television sales and revenue increasing by 9.7% and 14.5% respectively during the 618 shopping festival [3][49] - Panel prices have begun to decline, which is expected to improve profitability for black goods companies [49] Small Appliances - The small appliance sector is seeing a recovery in kitchen small appliances, with online retail sales for kitchen small appliances growing by 25% during the 618 period [4][57] - However, external sales are facing short-term pressure due to tariffs and overseas factory setups [57] - Companies like Roborock and Ecovacs are expected to see significant revenue growth, with Roborock projected to grow by 40% [72]

[Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company projects a net loss of RMB 250-295 million for H1 2025, with a substantial year-on-year reduction in non-recurring adjusted net loss, indicating improved core business performance Key Performance Forecast Indicators | Indicator | Estimated Amount (RMB) | Notes | | :--- | :--- | :--- | | **Performance Forecast Period** | January 1, 2025 - June 30, 2025 | - | | **Net Profit Attributable to Shareholders** | -RMB 295 million to -RMB 250 million | RMB 28.17 million profit in prior year period | | **Net Profit Attributable to Shareholders (Non-recurring Adjusted)** | -RMB 295 million to -RMB 250 million | Loss reduced by RMB 223.9 million to RMB 268.9 million year-on-year | - This performance forecast is unaudited by a certified public accountant[6](index=6&type=chunk) [Prior Year Period Performance Review](index=1&type=section&id=II.%20Prior%20Year%20Period%20Performance) In H1 2024, the company reported a net profit of RMB 28.17 million, but a significant non-recurring adjusted net loss of RMB 518.90 million, reflecting substantial core business losses H1 2024 Key Performance Indicators | Indicator | H1 2024 Amount (RMB) | | :--- | :--- | | **Total Profit** | RMB 92.99 million | | **Net Profit Attributable to Shareholders** | RMB 28.17 million | | **Net Profit Attributable to Shareholders (Non-recurring Adjusted)** | -RMB 518.90 million | | **Earnings Per Share** | RMB 0.01 | [Analysis of Performance Changes](index=2&type=section&id=III.%20Primary%20Reasons%20for%20Current%20Period%20Forecasted%20Loss) The forecasted loss stems from seasonal core business cycles and increased provisions by an associate due to falling interest rates, despite improved core business quality and reduced non-recurring adjusted net loss - The company's core business operational quality has steadily improved, with non-recurring adjusted net profit attributable to shareholders expected to significantly reduce losses year-on-year[11](index=11&type=chunk) - Excluding the impact of divested computer hardware business, operating revenue is projected to achieve year-on-year growth[11](index=11&type=chunk) - Primary reasons for the loss: - **Business Seasonality Impact**: Security and smart energy businesses are affected by industry settlement characteristics, with the first half being a project investment period where revenue recognition conditions have not been met[11](index=11&type=chunk) - **Associate Company Loss**: Associate company Tongfang Global Life Insurance Co., Ltd. increased provisions for insurance contracts due to falling interest rates, estimated to impact net profit attributable to shareholders by approximately **-RMB 120 million**[11](index=11&type=chunk) [Risk Warning and Other Notes](index=2&type=section&id=IV.%20Risk%20Warning) The company's preliminary, unaudited performance forecast is subject to uncertainty from unobtained associate financial reports, with final data contingent on the official 2025 semi-annual report - The performance forecast is unaudited, and investment income from associate companies is uncertain, potentially affecting the accuracy of final performance data[12](index=12&type=chunk) - The company advises investors that the final accurate financial data will be based on the officially disclosed 2025 semi-annual report, and investment risks should be noted[13](index=13&type=chunk)

Core Viewpoint - Tongfang Co., Ltd. (600100) expects to report a net loss attributable to shareholders of the listed company for the first half of 2025, ranging from -295 million to -250 million yuan, indicating a decline compared to the same period last year [1] Financial Performance - The company anticipates a net profit attributable to shareholders, excluding non-recurring gains and losses, also in the range of -295 million to -250 million yuan for the first half of 2025 [1] - The expected reduction in loss compared to the same period last year is estimated to be between 224 million and 269 million yuan [1]