Group 1 - Gree Electric Appliances (Shijiazhuang) Co., Ltd. and Zhuhai Gree Electric Appliances Co., Ltd. have obtained a patent for "a feeding device," with authorization announcement number CN116238890B, applied on April 2023 [1] - Gree Electric Appliances (Shijiazhuang) Co., Ltd. was established in 2011, located in Shijiazhuang, primarily engaged in the manufacturing of computers, communications, and other electronic devices, with a registered capital of 100 million RMB [1] - Gree Electric Appliances (Shijiazhuang) Co., Ltd. has made investments in one company, participated in 48 bidding projects, holds 345 patent records, and possesses 48 administrative licenses [1] Group 2 - Zhuhai Gree Electric Appliances Co., Ltd. was established in 1989, located in Zhuhai, primarily engaged in the manufacturing of electrical machinery and equipment, with a registered capital of approximately 6015.73 million RMB [1] - Zhuhai Gree Electric Appliances Co., Ltd. has invested in 98 companies, participated in 5000 bidding projects, holds 5000 trademark records, and possesses 5000 patent records, along with 908 administrative licenses [1]

Group 1 - The State Intellectual Property Office of China has granted a patent titled "Motor and Circuit Board" to Zhuhai Gree Electric Appliances Inc. and Zhuhai Kaibang Motor Manufacturing Co., Ltd., with the patent announcement number CN115395736B and application date of September 2022 [1] - Zhuhai Gree Electric Appliances Inc., established in 1989, is primarily engaged in the manufacturing of electrical machinery and equipment, with a registered capital of 6,015.73 million RMB. The company has invested in 98 enterprises, participated in 5,000 bidding projects, and holds 5,000 trademark and patent records, along with 908 administrative licenses [1] - Zhuhai Kaibang Motor Manufacturing Co., Ltd., founded in 2003, focuses on other manufacturing sectors, with a registered capital of 82 million RMB. The company has invested in 3 enterprises, participated in 40 bidding projects, and possesses 1,938 patent records, in addition to 30 administrative licenses [1]

Group 1 - The core point of the article highlights that Zhuhai Gree Electric Appliances Co., Ltd. has obtained a patent for a fan structure, heat dissipation system, air conditioner, and control method, with the patent authorization announcement number CN119288887B and an application date of November 2024 [1] - Zhuhai Gree Electric Appliances Co., Ltd. was established in 1989 and is primarily engaged in the manufacturing of electrical machinery and equipment, with a registered capital of 601,573.0878 million RMB [1] - The company has made investments in 98 enterprises, participated in 5,000 bidding projects, and holds 5,000 trademark and patent information records, along with 908 administrative licenses [1] Group 2 - Guochuang Energy Internet Innovation Center (Guangdong) Co., Ltd. was established in 2019 and focuses on internet and related services, with a registered capital of 10,000 million RMB [1] - The company has invested in 1 enterprise, participated in 13 bidding projects, and holds 475 patent information records, along with 9 administrative licenses [1]

Group 1 - The State Intellectual Property Office of China has granted a patent to Zhuhai Gree Electric Appliances Co., Ltd. and Zhuhai Lianyun Technology Co., Ltd. for a technology related to "upgrade control methods, devices, electronic equipment, and storage media," with the authorization announcement number CN114879997B and an application date of June 2022 [1] - Zhuhai Gree Electric Appliances Co., Ltd. was established in 1989 and is primarily engaged in the manufacturing of electrical machinery and equipment, with a registered capital of 6,015.73 million RMB. The company has invested in 98 enterprises, participated in 5,000 bidding projects, and holds 5,000 trademark and patent records, along with 908 administrative licenses [1] - Zhuhai Lianyun Technology Co., Ltd. was founded in 2018 and focuses on software and information technology services, with a registered capital of 50 million RMB. The company has participated in 9 bidding projects, holds 4,585 patent records, and has 14 administrative licenses [1]

Group 1 - The State Intellectual Property Office of China has granted a patent titled "Method, Device, Electronic Equipment, and Readable Medium for Intent Recognition" to Zhuhai Gree Electric Appliances Inc. and Zhuhai Lianyun Technology Co., Ltd., with the authorization announcement number CN115424632B and an application date of August 2022 [1] - Zhuhai Gree Electric Appliances Inc., established in 1989, is primarily engaged in the manufacturing of electrical machinery and equipment, with a registered capital of 6,015.73 million RMB. The company has invested in 98 enterprises, participated in 5,000 bidding projects, and holds 5,000 trademark and patent information records, along with 908 administrative licenses [1] - Zhuhai Lianyun Technology Co., Ltd., founded in 2018, focuses on software and information technology services, with a registered capital of 50 million RMB. The company has participated in 9 bidding projects, holds 4,585 patent information records, and possesses 14 administrative licenses [1]

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [5][6][12]. Core Views - The home appliance sector is expected to recover in 2026, driven by the continuation of national subsidies and stabilization of exports, suggesting a positive outlook for leading white goods companies [1][12][18]. - December retail performance for home appliances showed signs of bottoming out, with significant declines in major appliances but a relatively stable performance in small appliances [1][19]. - The report highlights the resilience of leading companies in the home appliance sector, with a focus on white goods, which are expected to maintain steady growth despite high base effects [12][13]. Summary by Sections 1. Key Recommendations - Recommended companies include Midea Group, Haier Smart Home, TCL Smart Home, Gree Electric Appliances, and Hisense Home Appliances for white goods; Hisense Visual for black goods; and Roborock, Bear Electric, and Ecovacs for small appliances [4][12][13]. 2. December Retail Performance - In December, the retail sales of major appliances saw declines exceeding 20%, while small appliances showed slightly better demand, with air fryers experiencing growth [1][19]. - The offline sales channels for major appliances faced declines of over 40%, while kitchen small appliances remained relatively stable [1][19]. 3. Export Performance - In December, China's home appliance exports decreased by 8.1% year-on-year, with air conditioners facing a significant decline of 20.7% [2][37]. - Other categories like refrigerators and washing machines showed modest growth, indicating a mixed performance across different product lines [2][37]. 4. U.S. Market Insights - U.S. retail sales for home appliances showed a slight increase of 0.8% in November, indicating a gradual return to stable growth despite challenges such as tariffs and inflation [3][43]. - The inventory levels in U.S. appliance stores are returning to normal, suggesting improved market conditions [3][43]. 5. Company Earnings Forecasts - The report provides earnings forecasts for key companies, indicating expected EPS growth for Midea Group, Gree Electric Appliances, and Haier Smart Home, among others, with all rated as "Outperform the Market" [5][76].

Group 1 - The State Intellectual Property Office of China has granted a patent for "an automatic loading device and its control method" to Zhuhai Gree Intelligent Equipment Co., Ltd. and Zhuhai Gree Electric Appliances, Inc. [1] - Zhuhai Gree Intelligent Equipment Co., Ltd. was established in 2015, located in Zhuhai, with a registered capital of 100 million RMB. The company has invested in 6 enterprises, participated in 78 bidding projects, and holds 4,220 patent records [1]. - Zhuhai Gree Electric Appliances, Inc. was founded in 1989, also located in Zhuhai, with a registered capital of approximately 60,157.30878 million RMB. The company has invested in 98 enterprises, participated in 5,000 bidding projects, and possesses 5,000 trademark records and 5,000 patent records [1].

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [5][6][12] Core Insights - The home appliance sector is expected to recover in 2026, driven by the continuation of national subsidies and improvements in export performance. It is recommended to actively invest in leading white goods companies [1][12][18] - December retail performance for home appliances showed signs of bottoming out, with major appliances experiencing a decline of over 20% in domestic retail sales, while small appliances showed slightly better demand [1][19] - The report highlights that the U.S. home appliance retail sales saw a slight increase in November, indicating a gradual return to stable growth despite challenges such as tariffs and inflation [3][12] Summary by Sections 1. Core Recommendations - Key recommendations include investing in leading companies in the white goods sector such as Midea Group, Haier Smart Home, TCL Smart Home, Gree Electric, and Hisense Home Appliances. For small appliances, Stone Technology and Bear Electric are recommended [4][12][13] 2. Research Tracking and Investment Thoughts - December retail performance for home appliances continued to face pressure due to high base effects, with significant declines in major appliances. However, small appliances showed relative stability, particularly in air fryers [1][19] - December exports of home appliances decreased by 8.1% year-on-year, with air conditioners facing the most significant pressure, while refrigerators and washing machines showed modest growth [2][37] - U.S. home appliance retail sales increased by 0.8% year-on-year in November, with inventory levels returning to normal [3][12] 3. Key Data Tracking - The home appliance sector achieved a relative return of +0.23% this week compared to the broader market [49] - Raw material prices for copper and aluminum decreased by 0.5% and 0.7% respectively, while cold-rolled steel prices also saw a decline [51] - Shipping indices for routes to the U.S. West Coast, East Coast, and Europe showed slight increases, indicating a stabilization in shipping costs [64] 4. Company Announcements and Industry Dynamics - Notable company announcements include Midea Group's ongoing efforts in overseas markets and Gree Electric's dividend distribution plans [71][72] - The report discusses the structural adjustments in the air conditioning export market and the anticipated trends for 2026, highlighting the challenges and opportunities in the global supply chain [74]

Core Viewpoint - The white goods sector experienced a slight increase of 0.55% on January 19, with Xueqi Electric leading the gains, while the Shanghai Composite Index rose by 0.29% and the Shenzhen Component Index by 0.09% [1] Group 1: Market Performance - The closing price of Xueqi Electric was 14.99, reflecting a rise of 3.52% with a trading volume of 69,200 shares and a transaction value of 103 million yuan [1] - Aokema closed at 8.06, up by 2.68%, with a trading volume of 151,800 shares [1] - TCL Smart Home's closing price was 10.17, increasing by 1.70% with a trading volume of 126,300 shares [1] - Whirlpool closed at 10.59, up by 1.34%, with a transaction value of approximately 64.76 million yuan [1] - Haier Smart Home's closing price was 25.94, reflecting a 0.93% increase with a trading volume of 383,500 shares [1] - Gree Electric's closing price was 40.53, up by 0.45%, with a transaction value of approximately 1.68 billion yuan [1] - Midea Group closed at 77.62, increasing by 0.40%, with a transaction value of approximately 2.61 billion yuan [1] Group 2: Fund Flow Analysis - The white goods sector saw a net inflow of 307 million yuan from institutional investors, while retail investors contributed a net inflow of 211 million yuan [1] - The net outflow from speculative funds was 518 million yuan [1] - Midea Group had a net inflow of 149 million yuan from institutional investors, while it experienced a net outflow of 372 million yuan from speculative funds [2] - Gree Electric saw a net inflow of 121 million yuan from institutional investors, with a net outflow of 117 million yuan from speculative funds [2] - Haier Smart Home had a net inflow of approximately 67.83 million yuan from institutional investors, while it faced a net outflow of 16.48 million yuan from speculative funds [2]

Group 1 - Gree Electric's "Dong Mingzhu Healthy Home" brand has opened its first experience store in the Northwest region, marking the entry of health-focused smart home solutions into the Shaanxi market [2] - The store is not just a product display but a comprehensive solution integrating air management, smart water usage, healthy diet, and comfortable environments, showcasing Gree's innovative achievements [2] - The location of the store in the Zhixuan Electric Chang'an Experience Center reflects the brand's keen insight into regional consumer upgrade trends and contributes to the upgrade of local home appliance retail formats [2] Group 2 - Zhixuan Electric's chairman, Party Xiaobing, stated that the introduction of "Dong Mingzhu Healthy Home" aligns with their goal of providing cutting-edge living experiences for local consumers, confirming the widespread demand for healthy smart home solutions during the trial operation [3] - The store is now fully open to the public and represents an important layout for Gree in the Northwest market, enriching high-end home appliance choices and providing a practical example for local retail to explore a new model of "product + scenario + service" [3]