"奥克斯将以此次挑战为契机，持续深耕核心技术研发，为空调产业绿色低碳发展与国家双碳目标 落地提供可复制的实践样本。"该负责人表示。 在智能关爱领域，奥克斯开辟智能语音空调新赛道。其奥知音、沁音系列产品支持普通话与多地方 言交互，离线状态下也可轻松控制，有效解决了老年人操控空调的难题。该负责人说："我们希望通过 技术创新，让空调从'冰冷机器'转变为有温度的'情感交互伙伴'，让智能科技真正惠及每一位用户。" 在服务创新方面，奥克斯创立"小奥直卖"DTC模式，搭建起工厂到用户的直供通路，并推出"60天 无理由退货"与"10年免费包修"服务。 近日，奥克斯空调在火星1号基地发起智能省电科技吉尼斯世界纪录挑战赛。 "这场融合航天探索精神的赛事，不仅是企业坚持'品质与创新'31年科技创新实力的集中展现，更 是将科技向善理念与智能有爱关怀推向产业前沿的重要实践。依托全球7大生产基地、3大研发中心，我 们已构建起全产业链一体化创新体系，为技术突破奠定了坚实基础。"奥克斯空调相关负责人表示。 ...

Core Insights - The report highlights the increasing penetration of mobile shopping, reaching 87.5% in October 2025, a 0.6 percentage point increase from the previous year [15] - The "Double Eleven" shopping festival continues to be a significant marketing event, with a shift from "traffic-driven" to "value-driven" strategies in e-commerce [19][12] Industry Insights - The logistics sector saw a year-on-year increase of 8% in collection volume and 6.6% in delivery volume during the "Double Eleven" period [4] - Major e-commerce platforms like Taobao, Tmall, JD, and Pinduoduo experienced user growth on "Double Eleven," with active users reaching 508 million, 414 million, and 227 million respectively, marking increases of 4.2%, 2.5%, and 9.8% [32] - The user base is expanding, particularly among male, middle-aged, and lower-tier market consumers, with notable growth in users aged 41 and above on Taobao [4][6] Platform Strategies - E-commerce platforms are simplifying promotional rules to enhance user experience and are increasingly utilizing AI technologies to improve transaction efficiency [37][39] - Marketing strategies are shifting towards integrated approaches, focusing on user retention and engagement through various channels, including short videos and search engines [44][48] - The competition among platforms is intensifying, with overlapping user bases exceeding 50 million, a 19.9% increase year-on-year [6] Brand Marketing - Brands are adjusting their marketing strategies to focus on conversion, with significant differences in marketing rhythms across industries [65] - The beauty and personal care sector relies heavily on hard advertising, while the food and beverage sector emphasizes broad exposure strategies [72][79] - The home appliance industry is increasingly investing in hard advertising to drive direct conversions, with top brands like Midea and Haier leading in advertising exposure [87]

Summary of Haier Smart Home Conference Call Company Overview - **Company**: Haier Smart Home - **Year**: 2025 Key Points Industry Performance - Haier Smart Home achieved a revenue growth of **10%** in 2025, while the overall industry experienced a decline of **3%** [2][3] - The company maintained stable profit margins despite industry challenges [2][3] Product Innovation - Unique products such as the "Lazy Machine" and the three-layer Pro washing machine were launched, with the Lazy Machine selling **200,000 units** from April to September [2][3] - The introduction of innovative products contributed significantly to market performance [3] Digital Marketing Transformation - A3 user assets increased by **17%** year-on-year to **35 million** [2][5] - Online brand search share rose by **44%**, and marketing ROI improved by **13%** [2][5] - These efforts enhanced brand visibility, user traffic, and product sales [5] Inventory Management - The speed inventory model was accelerated, achieving an **86%** online rate for county specialty stores [2][6] - Direct orders to users increased from **26%** to **74%**, improving operational efficiency and reducing inventory turnover days by **30 days** [2][6] - Inventory in China decreased by **4.3 billion yuan** [2][6] Multi-Brand Strategy - The multi-brand strategy showed results, with the Casarte brand growing by approximately **18%** from January to September, and online sales share increasing by **5 percentage points** [2][7] - The air conditioning business saw revenue growth of over **30%** in the third quarter despite intense competition [2][7] Overseas Market Performance - North America outperformed the industry average, with a **20%** increase in new industries [4][8] - European market quality improved, with order shares in key countries (UK, France, Germany, Italy) rising by **1-2 percentage points** [4][9] - Emerging markets showed significant growth, with South Asia, Southeast Asia, and the Middle East growing by **25%**, **15%**, and **60%** respectively [9] Dividend Policy - The dividend payout ratio reached **48%**, with a mid-term dividend of **2.5 billion yuan** planned for the future [4][10] Channel and Sales Structure Adjustments - Increased investment in online channels, with Casarte's online share rising from **10%** to **40%** [4][11] - New media marketing strategies were implemented to enhance brand penetration and product information delivery [11] Future Outlook - The company aims for double-digit profit growth in 2026, with expectations of improved performance in the European market [25][26] - Focus on maintaining revenue and profit growth, with overseas growth potentially outpacing domestic performance [25][26] Challenges and Strategies - The company is adapting to reduced subsidies and market fluctuations, maintaining a focus on product quality and operational efficiency [23][24] - Plans to enhance profitability through improved production efficiency and new product investments in the U.S. market [19][20] Competitive Landscape - Haier Smart Home is learning from competitors like Xiaomi in user engagement and online marketing while focusing on product innovation [22] - The company is committed to improving customer experience and product quality to sustain growth [22] This summary encapsulates the key insights from Haier Smart Home's conference call, highlighting the company's performance, strategies, and future outlook in a challenging market environment.

Core Viewpoint - The air conditioning industry is undergoing a critical phase of "breaking through and restructuring," driven by policies promoting low-carbon transformation, extreme high temperatures, and consumer subsidy policies, leading to increased market demand. The shift in consumer preferences is moving from basic temperature control to "comfort + health + high-end" features, with comfort and health-oriented air conditioners emerging as new growth points in the industry [1]. Group 1: Environmental Factors - The dual drivers of policy and technological innovation are reshaping the air conditioning market, promoting energy-efficient products and supporting the green transformation of the industry [2]. - National subsidy policies have reduced consumer purchase costs, while extreme high temperatures have directly stimulated market demand, enhancing air conditioning sales and positively impacting the related supply chain [3]. Group 2: Market Dynamics - The air conditioning market is entering a mature phase with stable growth, where online sales account for 60% of the market, and traditional e-commerce remains the core traffic entry point [5]. - The online price landscape shows a K-shaped differentiation, with both low-priced (below 1599) and high-priced (3000+) 1.5P wall-mounted units seeing increased market share [5]. Group 3: Consumer Demand - Social media discussions reflect the upgraded demand for air conditioning, with energy efficiency, comfort, cooling performance, aesthetics, and health being the top ten topics in 2025 [9]. - The evolution of air conditioning is shifting from a "single temperature regulator" to a "quality lifestyle hub" that integrates comfort, health, and aesthetics [11]. - The demand for high-end air conditioning is evolving towards a comprehensive experience that combines "extreme comfort + health purification + aesthetic integration + smart connectivity" [13]. Group 4: Opportunities - The transition from "selling products" to "selling lifestyles" is emerging, focusing on specific living scenarios, spatial functions, and emotional needs of users [15]. - The air conditioning market is seeing new segmentation, with specific user groups such as families with newborns or elderly members, and pet owners driving demand for features like air purification and no direct airflow [38][40]. Group 5: Purchasing Behavior - The main consumer groups for air conditioning are shifting, with post-00s and post-90s families becoming the primary buyers, particularly in first-tier cities where comfort is a significant concern [19]. - The motivation for purchasing air conditioning is evolving from basic needs to a desire for higher quality, better experiences, and compatibility with home environments [21]. - Consumers are increasingly rational and mature in their purchasing decisions, focusing on performance, quality, and comprehensive experience rather than just price sensitivity [28]. Group 6: Product Features and Feedback - High satisfaction rates (99%) are reported for features like "no wind feeling," "soft wind," and "quiet operation," indicating a strong consumer preference for comfort and health functionalities [56]. - The integration of health features, such as air purification and self-cleaning technologies, is becoming a key selling point for high-end air conditioning products [55]. Group 7: Industry Collaboration - Major e-commerce platforms like JD.com are collaborating with leading air conditioning brands to promote comfort and health technologies, achieving significant sales success [59].

Market Overview - The white goods sector experienced a decline of 1.0% on November 18, with major stocks like Deep Konka leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Stock Performance - Key stocks in the white goods sector showed varied performance, with the following notable changes: - Snow Qi Electric: Closed at 14.38, up 0.14% - Gree Electric: Closed at 40.11, down 0.20% - Midea Group: Closed at 77.40, down 0.68% - Haier Smart Home: Closed at 26.34, down 0.87% - Deep Konka A: Closed at 5.38, down 2.89% [1] Capital Flow - The white goods sector saw a net outflow of 312 million yuan from institutional investors, while retail investors contributed a net inflow of 385 million yuan [1] - Detailed capital flow for specific stocks includes: - Deep Konka A: Net outflow of 55.04 million yuan from institutional investors, with a retail net inflow of 43.96 million yuan [2] - TCL Smart Home: Net outflow of 20.99 million yuan from institutional investors, with a retail net inflow of 15.50 million yuan [2] - Gree Electric: Net outflow of 3.94 million yuan from institutional investors, with a retail net inflow of 32.46 million yuan [2]

Group 1: Key Points on Jiachi Technology - Jiachi Technology is positioned as a core supplier of stealth materials for aerospace, with expected continuous growth in performance driven by the accelerated demand for stealth materials due to the ramp-up of aerospace equipment [1][2] - The projected net profit for Jiachi Technology from 2025 to 2027 is estimated at 5.35 billion, 7.73 billion, and 9.94 billion yuan, with corresponding EPS of 1.34, 1.93, and 2.48 yuan [1][2] - A target price of 83.68 yuan has been set for Jiachi Technology, with a recommendation to "increase holdings" [1][2] Group 2: Key Points on Public Utilities - Recent policies in Jiangsu and Guangdong provinces aim to reduce vicious competition in electricity trading, which is expected to enhance market valuation [5][31] - The electricity market is gradually improving, with encouragement for private enterprises to enter the nuclear power sector, indicating a trend towards marketization [5][31] - The guidance on promoting renewable energy consumption includes a commitment to add at least 200 million kilowatts of new renewable energy installations annually to meet increasing electricity demand [31][32] Group 3: Key Points on Transportation - Anhui Expressway's acquisition of group road assets is expected to significantly enhance performance, with the completion of expansion projects driving accelerated profit growth [9][10] - The projected net profit for Anhui Expressway in 2025 has been revised upwards to 20 billion yuan, with a target price adjustment to 19.66 yuan [9][10] - The company is expected to benefit from a proposed acquisition of a 7% stake in Shandong Expressway, which could add approximately 200 million yuan to annual investment income [10][11]

Core Insights - Haier's smart lock P50 Pro achieved a 26% year-on-year sales growth during the Double 11 shopping festival, while the new S3 model surpassed 10,000 units in online sales, and the T15 model maintained its position on JD's electronic lock leaderboard [1] Product Innovation - The P50 Pro features the new Zongmu TMAI multi-dimensional vision system with upgraded dual cameras, integrating AI palm vein and 3D facial recognition for enhanced security and user experience [1] - The product's ultra-wide-angle lower camera increases the visible range by 130%, providing comprehensive coverage of the entrance area, which helps prevent package theft [1] - The high-performance AI chip enhances image clarity even in low-light conditions, ensuring detailed visibility [1] User Experience - The P50 Pro offers multiple unlocking methods to cater to different family needs, making entry more convenient for users of all ages [1] - Features like 3D facial recognition prevent unauthorized access through photos or videos, ensuring safety for users [1] - The lock adapts to different family members' fingerprint characteristics, becoming more sensitive with use [1] Smart Living Enhancement - The P50 Pro supports remote video calls with visitors via mobile devices and includes a voice-changing feature for added security, particularly for individuals living alone [2] - The lock automatically captures and sends video footage to the user's phone if unusual activity is detected outside, proactively mitigating risks [2] Brand Recognition - Haier's smart locks have been recognized with the "2025 Smart Lock Industry Leadership Brand Award," emphasizing their role in ensuring home security and enhancing smart living experiences for users [3]

证 券 研 究 报 告 华创证券研究所 证券分析师：韩星雨 邮箱：hanxingyu@hcyjs.com 执业编号：S0360525050001 证券分析师：陆偲聪 邮箱：lusicong@hcyjs.com 执业编号：S0360525050002 家电行业 2025Q3 基金重仓分析 重仓家电比例下降，家电上游及清洁电器获 推荐（维持） 增配 行业研究 家电 2025 年 11 月 18 日 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 80 | 0.01 | | 总市值(亿元) | 20,320.65 | 1.67 | | 流通市值(亿元) | 18,146.56 | 1.85 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 5.4% | 8.0% | 9.9% | | 相对表现 | 3.4% | -9.4% | -4.7% | -11% -2% 8% 18% 24/11 25/01 25/04 25/06 25/09 25/11 2024-11-18~2025-11 ...

Core Insights - Haier Smart Home is focusing on emerging markets and high-end product positioning, recently launching the Vista series of refrigerators in Pakistan to enhance its strategic presence in the high-end refrigerator market [1][2] - The Vista series features significant technological advancements, addressing traditional refrigerator issues such as manual defrosting and uneven cooling, and includes smart IoT capabilities tailored for local needs [1] - Haier Pakistan has achieved a 33% revenue growth in refrigerator sales and holds a 48% market share, maintaining its position as the top player in the industry for eight consecutive years [2] Group 1 - The launch of the Vista series refrigerator attracted over 200 core partners and industry leaders, showcasing Haier's commitment to user needs and technological innovation [1] - The Vista series includes features like a 360° multi-airflow system, HCS freshness technology, and T.ABT sterilization technology, enhancing food preservation and user experience [1] - The product is designed to integrate seamlessly into modern kitchens with a full stainless steel panel and is optimized for local power supply issues with dual inverter technology [1] Group 2 - Haier Pakistan has introduced localized products such as large-capacity double-door refrigerators and the Turbo series, which addresses specific consumer needs in the region [2] - The Turbo series refrigerator features a "direct cooling + pressurized turbo fan" solution, improving cooling speed by 20% and reducing energy consumption by 30% [2] - The company aims to continue focusing on local market demands to provide valuable smart home experiences in the future [2]

Core Viewpoint - The article emphasizes the shift in the A-share market from theme-based investments in the first half of the year to a focus on high-quality leading companies in the second half, with Haier Smart Home being a prime example of a company with solid fundamentals and stable profitability [1]. Group 1: Market Performance - The CSI 300 index showed limited growth in the first half of the year, but has increased by 18.09% since the beginning of the second half [1][3]. - Haier Smart Home is highlighted as a typical example of a company that has attracted capital due to its strong profitability [1]. Group 2: Haier Smart Home's Financial Performance - Haier Smart Home has achieved double-digit profit growth for five consecutive years, with growth rates of 57.68%, 17.26%, 12.71%, 15.27%, and 14.7% in the first three quarters of each year [4][5]. - The company is the only home appliance firm among the 72 companies in the A-share market that maintained a 10% growth in net profit for five consecutive years, representing only 1.32% of the total [7][8]. Group 3: Future Growth Drivers - Haier Smart Home's future growth is expected to rely on continuous user recognition, supported by strategies such as global localization, digital transformation, smart product innovation, and a smart home ecosystem [10][13]. - The company has seen a compound annual growth rate of 25.39% in overseas revenue from 2015 to 2024, with a 10.5% growth in the first three quarters of this year despite a challenging overseas environment [14]. - Digital transformation has led to significant improvements in profitability, with sales and management expense ratios decreasing to 10.6% and 3.8% respectively in the first three quarters of 2025 [18][19]. - The introduction of AI-driven products has allowed Haier to capture user needs effectively, with top-selling products during the Double 11 shopping festival [22][23]. Group 4: Smart Home Ecosystem - The smart home market in China is projected to reach 575.2 billion yuan in 2023, with a compound annual growth rate of 13.84% from 2015 to 2023 [26]. - Haier Smart Home has established a strong presence in the smart home sector, with over 13 million active users of its "Three Wings Bird" program and significant user registrations in North America and Europe [27][28]. Group 5: Institutional Investor Preference - Haier Smart Home has been frequently recommended by brokerage firms, being the only home appliance company to receive such recommendations in September and October [30]. - The reasons for institutional preference include stable growth, robust cash dividends, excellent corporate governance, attractive investment value, and its representation of China's manufacturing capabilities [32].