Group 1: Xiaomi's Financial Performance - Xiaomi reported a revenue of 113.1 billion yuan for Q3, a year-on-year increase of 22.3% [2] - Adjusted net profit reached 11.3 billion yuan, marking an 80.9% year-on-year growth, the highest quarterly level in history [2] - The smartphone segment generated 45.97 billion yuan, a decline of 3.1% year-on-year, contributing 40.6% to total revenue, down from 51.3% a year ago [2] Group 2: Automotive Business Growth - Revenue from Xiaomi's smart electric vehicle business reached 29 billion yuan, a significant increase of 199.2%, accounting for 25.6% of total revenue [2] - The automotive division achieved a quarterly delivery of 108,800 units, a year-on-year increase of 173.4%, with an average selling price of 260,000 yuan, up 9% [3] - Xiaomi aims to deliver over 300,000 vehicles by 2026 and has already delivered over 260,000 units in the first three quarters of the year [3] Group 3: Challenges and Controversies - Xiaomi faces ongoing product lawsuits and safety controversies, including a delayed lawsuit regarding false advertising of the SU7 Ultra model [4] - Safety concerns have arisen following incidents involving the SU7, leading to public criticism regarding the company's focus on aesthetics over safety [4] - Recent changes in the public relations team, including the departure of a long-serving executive, have raised concerns about the company's crisis management capabilities [4] Group 4: New Oriental's Internal Issues - New Oriental's CEO, Yu Minhong, faced backlash from employees regarding an internal letter, leading to a series of social media posts about his trip to Antarctica [6][13] - The company reported a significant revenue decline, with a 32.7% drop in revenue year-on-year, totaling 4.392 billion yuan for the 2025 fiscal year [13] - Internal management issues have been highlighted, particularly following the departure of key personnel and the impact on the company's strategic execution [13][28] Group 5: Suning's Financial Struggles - Suning's restructuring plan has been postponed again, with over 230 billion yuan in debt and assets valued at only 41 billion yuan [15][16] - The restructuring aims to balance debt repayment and corporate revival, with the founder pledging personal assets to support the plan [17] - Suning's financial reports indicate a significant decline in revenue and profit, with a 95.78% drop in net profit for Q3 compared to the previous year [18] Group 6: Gree's Market Position - Gree's new rose air conditioner has sparked controversy, with the company positioning it as an innovative product in the market [20][23] - Despite holding the largest market share in air conditioning, Gree faces intense competition, leading to a slight decline in retail volume and revenue share [20] - Gree's financial performance has shown a decline, with a 6.5% drop in revenue year-on-year for the first three quarters [20]

在主旨演讲环节，董明珠围绕制造业发展与企业责任进行分享。她说道："税收是检验企业价值的首要 指标。"格力电器累计纳税突破2000亿元，从早期每年纳税不足10亿，到2024年的168.67亿，这一跨越 式增长的纳税金额是企业社会价值不断壮大的象征。在董明珠看来，这一成就源于格力坚定不移地走自 主创新之路，将关键核心技术牢牢掌握在自己手中，深刻践行"真学真懂真信真用"。 作为大湾区企业，董明珠表示格力电器将积极响应"十五五"规划与大湾区发展规划，担起更多责 任。"企业就像人体的细胞，企业越健康，国家就越强大。"她呼吁每一个企业都要努力做一个健康 的"细胞"，秉持"利他"思想，用心干实事，以健康的企业发展助力国家强大。（董明珠自媒体） 【#董明珠称企业就像人体细胞##董明珠称企业健康国家就强大#】11月18日，第二十届中国经济论坛在 广州南沙举行。本届论坛聚焦"中国式现代化与'十五五'中国经济展望"，汇聚了国家部委领导、权威学 者与优秀企业家代表，共商高质量发展新蓝图。格力电器董事长@董明珠自媒体 受邀出席，并发表主 旨演讲。 ...

Core Insights - China Pingmei Shenma Group and Gree Electric Appliances are deepening their collaboration to enhance cooperation depth and breadth, aiming for a win-win partnership [1] - The partnership originated from a strategic need for "mine air conditioning" proposed by Pingmei Shenma's Chairman Li Mao in 2020, addressing the lack of mature solutions for deep well heat management [1] - Gree Electric has developed specialized air conditioning solutions for underground high-temperature operations, breaking industry barriers and improving working conditions for miners [1] - Gree Electric also created ground waste heat recovery devices to enhance energy efficiency, promoting green transformation in mining operations [1] - Future collaboration will focus on developing localized cooling solutions for mining operations and exploring opportunities in renewable energy, including energy storage technology and photovoltaic industry cooperation [1] Company and Industry Developments - The collaboration emphasizes technology as a bridge and responsibility as a core value, aligning with the public's aspiration for a better life and safeguarding workers' welfare [3] - The partnership aims to inject new momentum into industrial upgrades and sustainable development, ensuring economic and ecological benefits are achieved simultaneously [1][3]

证券研究报告 |报告要点 基数及经营节奏影响下，空调 10 月内外销压力如期释放，国内龙头终端表现好于出货，产业 健康运行，价格体系稳定为主，经营面α及积极变化值得关注；出口关税压力减轻，美国开启 降息，有望带动外需，龙头 OBM 势能强劲，海外转产持续推进，修复阶段或好于线性预期。 |分析师及联系人 行业研究|行业点评研究|家用电器 产业在线 10 月空调数据简评： 压力释放，静待拐点 请务必阅读报告末页的重要声明 glzqdatemark1 2025年11月19日 证券研究报告 请务必阅读报告末页的重要声明 1 / 6 孙珊 管泉森 蔡奕娴 SAC：S0590523110003 SAC：S0590523100007 行业研究|行业点评研究 glzqdatemark2 2025年11月19日 家用电器 产业在线 10 月空调数据简评： 压力释放，静待拐点 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 -10% 3% 17% 30% 2024/11 2025/3 2025/7 2025/11 家用电器 沪深300 相关报告 1、《家用电器：从双十一看家电：韧性收官， 关注结构红利》2025 ...

Market Overview - The white goods sector increased by 0.11% on November 19, with Haier Smart Home leading the gains [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Individual Stock Performance - Haier Smart Home (600690) closed at 26.52, up 0.68% with a trading volume of 201,300 shares [1] - Hisense Home Appliances (000921) closed at 25.90, up 0.39% with a trading volume of 59,200 shares [1] - TCL Smart Home (002668) closed at 10.79, up 0.37% with a trading volume of 105,000 shares [1] - Gree Electric Appliances (000651) closed at 40.16, up 0.12% with a trading volume of 218,000 shares [1] - Midea Group (000333) closed at 77.40, unchanged with a trading volume of 214,400 shares [1] - Other notable performers include Changhong Meiling (000521) down 0.15% and Whirlpool (600983) down 0.79% [1] Capital Flow Analysis - The white goods sector saw a net inflow of 236 million yuan from institutional investors, while retail investors experienced a net inflow of 57.36 million yuan [1] - Notable net inflows from institutional investors include Midea Group with 21.11 million yuan and Gree Electric Appliances with 27.48 million yuan [2] - Conversely, retail investors showed significant outflows from Midea Group (-19.62 million yuan) and Gree Electric Appliances (-43.29 million yuan) [2]

Core Viewpoint - Gree Electric's introduction of the Rose Air Conditioner represents an innovative attempt to transform air conditioning into an art form, showcasing the company's commitment to creativity and value creation in the industry [1]. Group 1: Innovation and Product Development - The Rose Air Conditioner has been deployed in select hotels, attracting customers due to its unique design, which reflects the value created by Gree Electric [1]. - Gree Electric announced the launch of a new strategic brand, "Dong Mingzhu Healthy Home," in February, with plans to rename stores nationwide [1]. Group 2: Business Expansion and Performance - As of September 17, Gree Electric has established 970 stores under the "Dong Mingzhu Healthy Home" brand, with a goal of opening 3,000 stores this year [1]. - Retail sales from 293 stores that have been open for over 30 days reached approximately 390 million yuan [1].

Core Viewpoint - Gree Electric Appliances' chairman Dong Mingzhu stated that the recently discussed Rose Air Conditioner represents an innovative attempt by the company [1] Group 1: Company Developments - Gree Electric Appliances has applied for the registration of trademarks including "Gree Rose," "Golden Rose," and "All-Rounder - Rose," classified under lighting and air conditioning [1] - Some of the aforementioned trademarks have already been successfully registered [1]

Core Viewpoint - Gree Electric Appliances' Chairman Dong Mingzhu emphasized the importance of Chinese companies going global to showcase their technology and culture, highlighting the significance of manufacturing in this context [1]. Group 1: Innovation and Product Development - Dong Mingzhu discussed the innovative attempt represented by the "Rose Air Conditioner," claiming it sets a historical record by transforming air conditioning into an art piece, which is unprecedented in the industry [1]. - The Rose Air Conditioner has reportedly attracted significant business, with customers visiting restaurants specifically to experience the product [1]. - The current price of the Rose Air Conditioner in Gree's online flagship store is 32,999 yuan [1]. Group 2: Corporate Philosophy - Dong Mingzhu articulated that the value of a company's existence lies not only in its own development but also in fostering growth within its supply chain, which she believes defines a truly good enterprise [1].

Core Viewpoint - The introduction of the Rose Air Conditioner by Gree Electric is seen as an innovative attempt to transform air conditioning into an art form, targeting the wedding appliance market and aiming to create value through unique design and technology [2][4]. Company Overview - Gree Electric's Rose Air Conditioner was launched in January last year, featuring a rose gold body and a biomimetic rose design, with advanced technology such as distributed air supply and AI voice interaction [2]. - The official price range for the Rose Air Conditioner is between 13,000 to 33,000 yuan [2]. Market Performance - As of August, the Rose Air Conditioner has sold 60,000 units through Gree's JD.com flagship store, indicating a "relatively hot sales" performance despite mixed reviews [4]. - Gree holds a 25.40% market share in the online retail of household air conditioners for 2024, maintaining its leading position in the industry [4]. Competitive Landscape - The air conditioning market in China is highly competitive, with the top three players (Midea, Gree, and Haier) accounting for 68.2% of retail volume and 73.6% of retail value in the first half of the year [4]. - Gree's retail volume and value market shares have declined by 1.4% and 0.6% respectively, reflecting the intense competition in the market [4]. Strategic Direction - Following her re-election as chairman in April, Gree's primary goal is to maintain stable growth, with a focus on preserving its core air conditioning business [5]. - The launch of the Rose Air Conditioner represents Gree's bold exploration of niche markets for growth, although its market performance has been described as merely acceptable [5].

Core Viewpoint - Gree Electric Appliances is innovating in the air conditioning industry by introducing the Rose Air Conditioner, which aims to transform air conditioning units into art pieces, marking a new starting point for the company [1] Group 1 - The Rose Air Conditioner has been implemented in some hotels, attracting customers due to its unique design [1] - The initiative reflects Gree's commitment to creating value through innovative product design [1]