证券之星消息，8月27日白色家电板块较上一交易日下跌1.66%，深康佳Ａ领跌。当日上证指数报收于 3800.35，下跌1.76%。深证成指报收于12295.07，下跌1.43%。白色家电板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000921 | 海信家电 | 25.42 | -0.74% | 23.84万 | 6.14亿 | | 000333 | 美的集团 | 72.71 | -1.48% | 48.84万 | 36.06亿 | | 000651 | 格力电器 | 47.24 | -1.67% | 69.35万 | 33.13 Z | | 600690 | 海尔智家 | 25.78 | -1.83% | 1 60.68万 | 15.91亿 | | 600983 | 惠而浦 | 10.85 | -2.95% | 6.63万 | 7326.90万 | | 002668 | TCL智家 | 10.71 | -3.08% | 29.41万 | 3.23亿 | | 001387 ...

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000651 格力电器 | | 1.38亿 | 5.66% | -1.54亿 | -6.29% | 1527.63万 | 0.63% | | 000333 美的集团 | | 1.10亿 | 3.21% | -2.70 Z | -7.91% | 1.61亿 | 4.70% | | 000921 海信家电 | | 6580.40万 | 12.26% | -4201.19万 | -7.82% | -2379.22万 | -4.43% | | 002668 TCL智家 | | 4456.28万 | 8.02% | -702.86万 | -1.26% | -3753.42万 | -6.75% | | 600690 海尔智家 | | 870.52万 | 0.78% | -5628.45万 | -5.04% | 4757.93万 | 4.26% | | 600983 | 惠而浦 | ...

证券之星消息，8月25日白色家电板块较上一交易日上涨1.99%，深康佳Ａ领涨。当日上证指数报收于 3883.56，上涨1.51%。深证成指报收于12441.07，上涨2.26%。白色家电板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000016 | 深康佳A | 6.12 | 10.07% | 174.96万 | | 10.36 Z | | 000921 | 海信家电 | 25.60 | 3.77% | 33.46万 | | 8.45亿 | | 000651 | 格力电器 | 48.10 | 2.10% | 76.24万 | | 36.35 Z | | 000333 | 美的集团 | 73.52 | 1.98% | 1 70.02万 | | 51.10亿 | | 600690 | 海尔智家 | 26.19 | 1.59% | 52.49万 | | 13.68亿 | | 000521 | 长虹美菱 | 7.97 | 0.89% | 34.68万 | | 2. ...

Summary of Changhong Meiling's Conference Call Company Overview - **Company**: Changhong Meiling - **Date**: 2025 H1 Key Points Industry Performance - **Refrigerator and Freezer Business**: Revenue decreased by 4% to 4.4 billion yuan [2][3] - **Air Conditioning Business**: Revenue increased by 36% to 11.6 billion yuan [2][3] - **Washing Machine Business**: Revenue increased by 32.7% to 1.04 billion yuan [2][3] - **Kitchen and Small Appliances**: Slight decline in revenue, close to 700 million yuan [2][3] - **Biomedical Business**: Revenue increased to 150 million yuan [2][3] Financial Performance - **Total Revenue**: 18.072 billion yuan, a year-on-year increase of 20% [3] - **Net Profit**: Remained stable compared to the previous year [3] - **Income Tax**: Increased by approximately 50% to over 80 million yuan, primarily due to profit growth in headquarters and central air conditioning department [2][8] - **Asset and Credit Impairment**: Increased due to rising inventory and accounts receivable, with potential recovery dependent on market conditions [2][9] Strategic Initiatives - **Marketing Transformation**: Implementing user direct strategies and product integration to address domestic market pressures [2][5] - **Dual-Drive Strategy for Air Conditioning**: Focusing on both B2B and B2C markets to achieve growth [2][5] - **Washing Machine Focus**: Emphasizing core channels and differentiated products, particularly in overseas markets [2][5] - **Inventory Management**: Plans to optimize inventory and improve supply chain efficiency to mitigate impairment risks [2][6] Future Outlook - **Market Challenges**: Facing intensified competition in the domestic appliance market and international trade barriers [2][3] - **Production Capacity Expansion**: Ongoing projects for air conditioning, washing machines, and high-end refrigerators to meet future demand [4][12][16][17] - **Profitability Improvement**: Aiming to enhance product structure and increase the proportion of high-value products [7][33] International Market Performance - **Emerging Markets**: Significant growth in overseas markets, particularly in Europe, with a focus on high-end and cost-effective products [22][25] - **Sales Channels**: Domestic sales channels are evenly split between online and offline, with an expected increase in online sales [26] Challenges and Responses - **External Market Pressures**: High tariffs and competitive pricing in international markets affecting profitability [14][29] - **Response Strategies**: Early production, inventory management optimization, and strengthening customer collaboration [14] Product Development - **High-End Product Focus**: Approximately 30% of sales from high-end refrigerators and washing machines, with margins between 30% to 40% [21] - **New Product Launches**: Plans to introduce new high-end product lines to enhance market performance [21] Conclusion - **Overall Strategy**: Changhong Meiling aims to leverage both domestic and international markets, focusing on innovation, resource integration, and enhancing operational efficiency to achieve growth targets in 2025 and beyond [32][33]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company achieved a revenue of 18.072 billion yuan in the first half of 2025, representing a year-on-year growth of 20.80%. The net profit attributable to the parent company was 417 million yuan, a slight increase of 0.26%. However, the net profit excluding non-recurring items decreased by 9.81% to 391 million yuan [5][11] - In the second quarter of 2025, the company reported a revenue of 10.711 billion yuan, with a year-on-year growth of 18.84%. The net profit attributable to the parent company was 236 million yuan, down 9.66%, and the net profit excluding non-recurring items fell by 11.88% to 217 million yuan [5][11] - The company’s air conditioning business generated approximately 11.575 billion yuan in revenue, growing by 36.18%, while the refrigerator business saw a decline of 4.10% to 4.545 billion yuan. The washing machine segment grew by 32.70% to 1.040 billion yuan [11] - The company’s gross profit margin decreased by 0.37 percentage points to 10.44% in the first half of 2025, with the air conditioning segment's gross margin improving by 0.24 percentage points to 6.98% [11] - The company is expected to benefit from structural opportunities in the industry, with projected net profits for 2025, 2026, and 2027 being 772 million yuan, 856 million yuan, and 945 million yuan respectively, corresponding to PE ratios of 10.84, 9.78, and 8.86 times [11]

2025年上半年公司海外业务收入约63.67亿元，同比增长32.17%。 2025年下半年各产业市场策略国内空调产业：精准把握政策窗口期，优化销售节奏，线上线下协同促 销；以用户需求和创新驱动产品开发；坚持渠道多元化协同，推进营销转型，从关注"货到客户"转变 为"货到用户"。海外空调产业：完善产品矩阵与加速平台化开发，实施敏捷跟随策略；聚焦拉美、中 东、欧洲等市场，深挖大客户；布局欧洲、中亚及非洲市场；坚持品牌优先，深耕根据地市场。国内冰 箱柜产业：深度推进"营销转型、用户直达"战略，围绕客户与用户运营开展工作；产品端推动多款M鲜 生产品上市，强化品牌标签；市场端以用户为中心，提升新媒体能力；渠道端坚持高质量运营，强化新 兴渠道布局。海外冰箱柜产业：围绕主流市场重塑产品平台，基于差异化定义策略加大产品投入；把握 消费需求升级趋势，构建产品矩阵；加快亚非拉市场布局，打造品牌根据地，推动自主品牌业务规模化 发展。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受 ...

Group 1: Company Overview and Strategy - The company adheres to the operational principle of "innovation-driven, resource integration, industrial synergy, and internal-external fusion" to achieve healthy development in a competitive market [2][3]. - In the first half of 2025, the company reported a revenue growth, with a focus on transforming from operating washing and refrigeration appliances to a comprehensive white goods suite [2][3]. Group 2: Business Performance by Segment - The refrigerator (cabinets) business generated approximately CNY 4.415 billion, a year-on-year decrease of 4.17% [3]. - The air conditioning business achieved revenue of about CNY 11.575 billion, reflecting a year-on-year increase of 36.18% [3]. - The washing machine segment reported revenue of around CNY 1.04 billion, with a year-on-year growth of 32.70% [4]. - The kitchen and small home appliances segment saw revenue of approximately CNY 699 million, down 6.14% year-on-year [4]. - The biomedical segment generated about CNY 149 million, marking a year-on-year increase of 3.89% [4]. - The overseas business revenue for the first half of 2025 was approximately CNY 6.367 billion, up 32.17% year-on-year [4]. Group 3: Future Plans and Market Strategies - For the second half of 2025, the company aims to drive innovation and resource integration to strengthen market foundations and accelerate digital and intelligent transformation [6]. - The domestic air conditioning strategy includes optimizing sales rhythm, conducting promotional activities, and enhancing product development based on user needs [6][7]. - The overseas air conditioning strategy focuses on improving product matrices and enhancing customer service systems to strengthen cooperation [7]. - The domestic refrigerator strategy emphasizes marketing transformation and user-centric operations, promoting differentiated innovative products [7][8]. - The overseas refrigerator strategy aims to reshape product platforms and expand market share in emerging markets while enhancing brand presence [8].

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净点比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000333 | 美的集团 | 7091.87万 | 2.52% | -1.76 Z | -6.24% | 1.05 Z | 3.72% | | 001387 | 雪祺电气 | 225.10万 | 3.29% | -101.79万 | -1.49% | -123.32万 | -1.80% | | 002668 | TCL智家 | 6.49万 | 0.04% | 85.03万 | 4 0.58% | -91.51万 | -0.62% | | 600983 | 惠而浦 | -101.26万 | -1.30% | -826.59万 | -10.64% | 927.86万 | 11.94% | | 600336 | 澳柯玛 | -249.97万 | -0.95% | -140.18万 | -0.53% | 390.15万 | 1.48% | | 000521 | 长虹美菱 | ...

责任编辑：小浪快报 资料显示，长虹美菱股份有限公司位于安徽省合肥市经济技术开发区莲花路2163号，成立日期1996年11月18日，上市日期1993年10月18日，公司主营业务涉及制冷电器、空调器、洗衣机、电 长虹美菱所属申万行业为：家用电器-白色家电-冰洗。所属概念板块包括：C2M概念、一带一路、智能家居、国资改革、热泵概念等。 截至6月30日，长虹美菱股东户数6.82万，较上期减少10.32%；人均流通股0股，较上期增加0.00%。2025年1月-6月，长虹美菱实现营业收入180.72亿元，同比增长20.90%；归母净利润4 分红方面，长虹美菱A股上市后累计派现14.09亿元。近三年，累计派现7.42亿元。 机构持仓方面，截止2025年6月30日，长虹美菱十大流通股东中，香港中央结算有限公司位居第四大流通股东，持股1528.19万股，相比上期减少2107.52万股。汇添富智能制造股票A（0058 8月22日，长虹美菱盘中下跌2.09%，截至09:44，报7.96元/股，成交5690.18万元，换手率0.81%，总市值81.98亿元。 资金流向方面，主力资金净流出205.05万元，大单买入579.76万元，占 ...

Core Insights - The report analyzes the characteristics of the bond market during bull markets, specifically referencing historical periods of 2006-2007, 2014-2015, and 2024-2025, indicating that government bond yields tend to move in sync with overall liquidity conditions, generally trending downward during periods of ample liquidity [2] - It highlights that during stock market rallies, there is often a decrease in household deposits and a potential decline in bond fund shares, although these may recover in later stages of the stock market growth [2] Company-Specific Insights GoerTek Inc. (歌尔股份) - For the first half of 2025, GoerTek reported revenue of 37.55 billion, a year-on-year decrease of 7.0%, while net profit attributable to shareholders was 1.42 billion, an increase of 15.7% [3] - The company’s gross margin improved to 13.5%, up by 2.0 percentage points, and net margin increased to 3.7%, up by 0.8 percentage points [3] - Projections for 2025-2027 indicate revenues of 101.1 billion, 115.1 billion, and 130.0 billion respectively, with net profits of 3.3 billion, 4.1 billion, and 4.8 billion, reflecting growth rates of 24.0%, 23.1%, and 17.1% [3] Koss (科思股份) - Koss is facing temporary performance pressure due to increased market competition and weaker-than-expected terminal demand, particularly in the sunscreen market [5] - The company is focusing on consolidating its leading position in the sunscreen agent sector and enhancing its product offerings [6] - Revenue projections for 2025-2027 are adjusted to 2.06 billion, 2.26 billion, and 2.45 billion, with net profits of 410 million, 490 million, and 560 million, maintaining a "buy" rating [6] Yanjinpuzi (盐津铺子) - Yanjinpuzi achieved revenue of 2.94 billion in the first half of 2025, a year-on-year increase of 19.6%, with net profit of 370 million, up 16.7% [6] - The growth was driven by strong performance in the konjac product line and effective channel strategies, including expansion into Southeast Asia [6] Changhong Meiling (长虹美菱) - The company reported total revenue of 18.072 billion for the first half of 2025, a 20.8% increase, with net profit of 417 million, a slight increase of 0.26% [8] - The growth was supported by faster export growth, although profit levels were impacted by tax and impairment issues [8] Naxin Microelectronics (纳芯微) - Naxin Microelectronics reported record revenue in Q2 2025, with projections for 2025-2027 indicating revenues of 3.07 billion, 3.79 billion, and 4.60 billion, reflecting growth rates of 56.8%, 23.3%, and 21.5% [9] Sunny Optical Technology (舜宇光学科技) - Sunny Optical is expected to see revenue growth from 40.9 billion in 2025 to 55.9 billion in 2027, with net profits projected at 3.53 billion, 4.20 billion, and 5.24 billion [10] Sanwei Chemical (三维化学) - Sanwei Chemical reported revenue of 1.25 billion in the first half of 2025, a 22% increase, with net profits growing by 43% [11] - The company is expected to maintain strong growth with projected net profits of 350 million, 480 million, and 630 million for 2025-2027 [11]