Core Viewpoint - Midea Group has completed its new global R&D headquarters in Shanghai, which aims to enhance its innovation capabilities and attract global talent [1][6]. Group 1: Project Overview - The Shanghai Midea Global Innovation Park has passed comprehensive completion acceptance and was opened for media visits on July 15 [1]. - The park covers over 80,000 square meters with a total construction area of approximately 400,000 square meters, consisting of two plots: an office area and a commercial area [8]. - The park is designed to accommodate over 10,000 employees, with the first batch of over 1,600 employees already settled in [6][8]. Group 2: Research and Development Focus - The Shanghai park will focus on smart technology and front-end R&D, including teams dedicated to embodied intelligence and humanoid robotics, as well as medical sector deployments [5][6]. - The park serves as a model project for the group and will promote both B2B and B2G business initiatives [6]. Group 3: Sustainability and Innovation - The park is designed as a green, low-carbon sustainable area, featuring a smart building management system developed by Midea Building Technology for efficient energy use [8]. - Photovoltaic panels covering nearly 18,000 square meters are installed on the rooftop, which can reduce carbon dioxide emissions by approximately 6,200 tons annually [8].

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]

还在担心机器人只能机械执行、不会灵活应变？ 美的AI研究院和华东师范大学 联合提出 ChatVLA-2 ——一个具有开放世界具身推理能力的视觉-语言-动作 模型（VLA）模型。 它引入动态混合专家架构，并结合双阶段训练流程，不仅最大程度保留了视觉-语言模型（VLM）的多模态认 知和推理能力，还能将推理结果真正转化为可执行的动作。 在真机实验中，研究团队设计了两项任务，重点考察模型继承的核心能力： 结果显示，ChatVLA-2面对新算式和新物体，在数学推理、空间理解和泛化操作能力上远超现有方法，开放 世界任务成功率高达82%。 ChatVLA团队 投稿 量子位 | 公众号 QbitAI 模型结构：专家协作，推理注入 混合专家模型 通过数学匹配游戏评估其数学推理能力，对新算式的识别与推理； 通过玩具摆放任务测试其空间推理能力，对新物体和指令的理解与执行。 ChatVLA的研究表明，多模态理解与机器人操作任务往往会在参数空间中相互竞争。 为此，研究引入了混合专家模型架构（MoE），动态选择专家模块，希望部分专家专注于特定任务特征，另 一些专家捕捉在多任务间共享的互利特征。这种自适应策略也确保了计算资源的高效分配。 ...

【导读】美的集团迎来新一轮变革，以自我颠覆直面多重挑战 上述文件意外流出后，在网上引发广泛讨论。美的集团副总裁兼家用空调事业部总裁赵磊等人证实，其亲眼看到方洪波在手机备忘录上写材料。 "本质上我们是想简化工作方式。"赵磊表示，美的集团一直在提倡各种简化，但此次上升到制度层面，主要是今年初提出坚定落实"以简化促增 长，以自我颠覆直面挑战"的经营思路。 近年来，方洪波频繁提及体制成本的问题。即伴随美的集团的营业收入从21世纪初不足100亿元到2024年超4000亿元，多项大公司病开始逐步出 现，无效、冗余的工作方式和业务模式阻碍美的集团前进。 从广州南站乘坐地铁七号线仅十几分钟，便可到达广东省顺德市北滘镇。在这个被称为"中国家电之都"的地方，涌现出裕华、蚬华电器、南方电 器等知名家电企业。 "以那时候美的（集团）的位置，根本无法想象它的今天。"美的集团（000333）董事长兼总裁方洪波回忆，公司1968年从北滘镇起步，但早期在 众多知名家电企业中不算出众。 如今众多知名家电企业隐入尘烟，但美的集团成为国内乃至全球的家电巨头之一，还成功转型为以科技驱动的多元化集团。同时，美的集团的市 值位列A股民企控股公司第三，2 ...

华尔街见闻获悉，7月14日，美的欧洲IT业务系统完成迁移上云，借助腾讯云位于欧洲法兰克福的数据 中心，构建了一个全新的技术基础架构底座，利用云原生技术实现了业务系统的容器化升级，大幅提升 了业务系统的稳定性与可扩展性。（全天候科技） ...

Summary of Key Points from the Conference Call Industry Overview - The home appliance sector is expected to show strong performance in Q2 2025, with leading brands like Midea, Haier, and Gree projected to achieve double-digit growth due to stable profitability and market share gains. In contrast, second-tier brands may experience single-digit declines or marginal growth [1][3][4]. Key Insights and Arguments White Goods and Components - The white goods and components sector is anticipated to demonstrate robust operational resilience, with leading companies expected to achieve over 10% year-on-year growth. In contrast, second-tier white goods companies are likely to see weak performance, with revenue and earnings projected to decline slightly or grow marginally [4]. - Midea Group is recommended as a top pick, with expected revenue and earnings growth of over 15%. Haier is also expected to achieve double-digit growth due to strong domestic air conditioning performance and stable overseas business [4]. Home Appliance Performance - The overall performance of the home appliance industry in Q2 2025 is promising, with strong domestic demand driven by national subsidy policies. The air conditioning market saw a 36% increase in online retail volume, with Midea and Haier gaining market share [5]. - The kitchen small appliance sector is recovering, with a 25% growth during the 618 shopping festival, driven by improved average prices and sales volume [10]. Cleaning Appliances - The cleaning appliance sector is benefiting from national subsidy policies and global market share gains. Companies like Ecovacs and Roborock are experiencing strong revenue growth, while the price increase by a competitor has led to a decline in market share for others, providing growth opportunities for leading brands [1][6]. Black Goods - The black goods sector is stable, with an increase in Mini LED penetration driving price increases. TCL Electronics and Hisense are expected to see revenue and performance growth due to product structure optimization and overseas market expansion [1][13][15]. Export Manufacturing - Export manufacturing companies like Ousheng Electric and Lek Electric are expected to gradually recover their performance in Q3 and Q4 2025, benefiting from well-established production capacity in Southeast Asia [12]. Additional Important Insights - The air conditioning market remains competitive, but leading companies are managing costs effectively without sacrificing profit margins. The small appliance sector is seeing improved profitability due to capacity clearing and marginal improvements in traffic costs [2]. - The kitchen appliance sector is facing pressure from real estate completion demands, but national subsidy policies are providing support. Traditional products are stable, while integrated stoves are experiencing significant declines [17][19]. - Companies like Bull Group are facing growth pressures due to a weak macro environment, although their new energy and overseas business segments are growing rapidly [21]. - Ecovacs is projected to achieve a net profit of 485 to 515 million yuan in Q2, representing a year-on-year growth of 56% to 66%, driven by strong domestic market performance and international sales [7][8]. This summary encapsulates the key points from the conference call, highlighting the performance expectations and strategic insights across various segments of the home appliance industry.

研究报告 Research Report 13 Jul 2025 餐饮、潮玩及家电行业周报 F&B, Designer Toys and Home Appliance Sector Weekly Report [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | | | --- | --- | --- | --- | --- | | 股票名称 | 评级 | 股票名称 | | 评级 | | 泡泡玛特 | Outperform 现代牧业 | | | Outperform | | 安踏体育 | Outperform 九毛九 | | | Outperform | | 百威亚太 | Neutral | 澳优 | | Outperform | | 华润啤酒 | Outperform | | | | | 华住酒店集团有限 | Outperform | | | | | 公司 | | | | | | 海底捞 | Outperform | | | | | 康师傅 | Outperform | | | | | 名创优品 | Outperform | | | | | ...

证券代码：000333 证券简称：美的集团 公告编号：2025-060 美的集团股份有限公司 关于自主行权模式下第八期股权激励计划第三个行权期 符合行权条件开始行权的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 行权期行权条件已经成就。 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）的有 关规定，经深圳证券交易所、中国证券登记结算有限责任公司深圳分公司审核， 公司于 2021 年 7 月 14 日完成第八期股票期权激励计划授予登记工作。 以公司现有总股本 6,997,053,441 股剔除已回购股份 131,542,303 股后可参与分配 的总股数 6,865,511,138 股为基数，按照分配总额不变的原则，向全体股东每 10 股派 17.008943 元人民币现金，本次权益分派股权登记日为 2022 年 6 月 1 日， 除权除息日为 2022 年 6 月 2 日。 得行权资格的共 19,722,008 份股票期权。 年 6 月 3 日。本次自主行权股票期权的期权代码：037154；期权简称：美的 JLC9。 美的集 ...

证券代码：000333 证券简称：美的集团 公告编号：2025-060 美的集团股份有限公司 关于自主行权模式下第八期股权激励计划第三个行权期 符合行权条件开始行权的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、美的集团股份有限公司第八期股权激励计划共三个行权期，本次第三个 行权期行权条件已经成就。 2、本次确定通过考核的 1,255 名激励对象可以在第三个行权期内行使其获 得行权资格的共 19,722,008 份股票期权。 3、第八期股权激励计划第三个行权期起止时间为：2025年7月16日至2026 年 6 月 3 日。本次自主行权股票期权的期权代码：037154；期权简称：美的 JLC9。 美的集团股份有限公司（以下简称"公司"或"美的集团"）2020 年年度 股东大会审议通过的《美的集团股份有限公司第八期股票期权激励计划<草案> 及摘要》的第三个行权期行权条件已经成就，公司于 2025 年 6 月 12 日召开第五 届董事会第九次会议审议通过了《关于第八期股票期权激励计划第三个行权期行 权相关事项的议案》，现将相关事项说明如 ...

Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly highlighting the white goods sector as undervalued with high dividend yields and stable growth potential [4][5]. Core Insights - The report identifies three main investment themes: 1. **White Goods**: The reversal of real estate policies is expected to boost the white goods sector, with a projected domestic production increase of 8% in the upcoming months. The report recommends stocks like Hisense Home Appliances, Midea, Haier, and Gree [5]. 2. **Exports**: Companies like Ousheng Electric and Dechang Co. are highlighted for their stable profit growth driven by large customer orders and recovering overseas demand [5]. 3. **Core Components**: The report emphasizes the unexpected demand for core components in the white goods sector, recommending companies such as Huaxiang Co., Shun'an Environment, and Sanhua Intelligent Control for their competitive advantages and growth prospects [5]. Summary by Sections A. Clean Appliances Data - In June 2025, online sales of sweeping machines reached 352,300 units, up 34.11% year-on-year, with sales revenue of 576 million yuan, an increase of 44.07%. The average price rose by 7.43% to 1,634.50 yuan per unit [4][31]. - For washing machines, sales were 257,400 units, up 32.43% year-on-year, with revenue of 411 million yuan, a 20.31% increase. The average price decreased by 9.15% to 1,598.10 yuan per unit [4][31]. B. Personal Care Data - In June 2025, hair dryer sales fell by 28.23% to 918,300 units, but revenue increased by 1.57% to 30.5 million yuan, with an average price rise of 41.52% to 332.0 yuan per unit [5][39]. - Electric shaver sales decreased by 1.81% to 1,140,900 units, while revenue grew by 5.76% to 25 million yuan, with an average price increase of 7.68% to 218.7 yuan per unit [5][39]. C. Industry Dynamics - The home appliance sector underperformed compared to the CSI 300 index, with a 0.3% decline in the home appliance index while the CSI 300 rose by 0.8% [6][7]. - The announcement of a 50% tariff on copper imports by the U.S. is expected to impact the industry, as copper is a key material for many appliances [6][13]. D. Material Prices - As of July 11, 2025, copper prices were 78,730 yuan per ton, down 1.19% year-on-year, while aluminum prices rose by 3.25% to 20,785 yuan per ton [16][20].