Investment Rating - The industry investment rating is "Overweight" [5][9] Core Insights - The report highlights Midea's acquisition of Carestream Health's global business, which is expected to create synergies with Midea's existing medical business in terms of channels and equipment resources [5][6] - The consumer robotics sector is advancing towards embodied intelligence, with a notable decline in domestic supply chain substitution expected [2][4] - The report emphasizes the performance of major brands in the vacuum cleaner market, noting a significant sales decline for some brands while others, like Roborock, have shown growth [2][3] Summary by Sections White Goods - Midea's acquisition of Carestream Medical's global business is expected to enhance its existing medical operations through effective resource synergy [5][6] Consumer Robotics - December sales data shows a year-on-year decline of 29% for the overall market, with leading brands like Ecovacs and Roborock experiencing varying sales changes [2] - New product launches at CES include Roborock's G-Rover, which is the world's first stair-climbing vacuum robot, and Ecovacs' T90 pro omni, which features upgraded roller lengths and new pre-spray functions [3] Laser Technology in Robotics - Hesai Technology announced that it will lead the market in 3D LiDAR shipments for lawn mowing robots by 2025, showcasing its new models at CES 2026 [4] - The integration of digital all-solid-state LiDAR in new lawn mowing robots was highlighted by Ninebot and other companies [4] Investment Recommendations - The report recommends focusing on white goods, particularly Haier, Midea, and Gree, due to their strong market positions and potential benefits from the current economic environment [7] - It also suggests selecting consumer technology stocks like Ecovacs and others, while keeping an eye on companies like TCL Electronics for overseas growth opportunities [7]

Group 1 - The "National Subsidy" policy for replacing old home appliances has been fully implemented, leading to the "Shared Plan" event in Changsha from January 16 to 18, focusing on consumer demand for New Year goods [1] - Gree, a leading company in the smart home appliance industry in Changsha, will showcase a special exhibition over 100 square meters featuring various products including refrigerators, washing machines, air conditioners, and small appliances [1] - Gree's new generation washing machine addresses common consumer pain points such as dehydration vibration and stubborn stains, utilizing smart vibration reduction technology for quiet operation and AI one-button washing mode for convenience [1] Group 2 - The Gree Jinghong refrigerator BCD-549WPSC will be featured at the event, equipped with a deep-freezing technology that reaches -33°C to preserve nutrients and a three-temperature zone for flexible food storage [3] - The refrigerator also includes an ion deodorization feature with a 99.9% antibacterial rate, ensuring cleanliness and freshness inside the unit [3] - Gree will present the latest "Cool and Clean" variable frequency air conditioner, which features a high-temperature self-cleaning system and operates at a low noise level of 18 decibels for a comfortable living experience [5] Group 3 - The event will offer significant discounts on popular products due to the combination of the "National Subsidy" policy and manufacturer promotions, with prices for the washing machine dropping from 3099 yuan to 2479 yuan, the refrigerator from 4999 yuan to 3999 yuan, and the air conditioner from 2899 yuan to 2464 yuan [7] - The Changsha event aims to provide high-quality and cost-effective consumer choices for citizens preparing for the New Year, enhancing the festive atmosphere [7]

Group 1 - The State Intellectual Property Office of China has granted a patent to Zhuhai Gree Electric Appliances Co., Ltd. and Zhuhai Zero Boundary Integrated Circuit Co., Ltd. for a technology related to "method, device, electronic equipment, and storage medium for positioning a text box" with the authorization announcement number CN114170592B, applied for on November 2021 [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 information records, along with 908 administrative licenses [1] - Zhuhai Zero Boundary Integrated Circuit Co., Ltd. was founded in 2018 and focuses on research and experimental development, with a registered capital of 1,000 million RMB. The company has participated in 3 bidding projects, holds 537 patent records, and has 8 administrative licenses [1]

Group 1 - The 2025 China Brand Person Annual Conference will be held from December 28 to 30 in Shenzhen, focusing on the theme "Who Earns Respect for China" [1][10] - The event will include a series of activities such as an opening ceremony, main forum, honor ceremony, and closed-door discussions to review the history of Chinese brand development and explore new trends and opportunities in brand building [1][10] Group 2 - The "Top Brand 2025 China Brand Person 500" list was released by Lv Dapeng, Vice President of the China Public Relations Association, highlighting the overall characteristics and industry trends of the listed individuals [10][12] - This list has been publicly released for the seventh consecutive year, continuously recording and promoting the growth and influence of Chinese brand figures [10][12] Group 3 - The top three individuals in the 2025 China Brand Person 500 are Ren Zhengfei, Liu Qiangdong, and Yu Chengdong, with Dong Mingzhu, He Xiaopeng, Li Shufu, Wang Chuanfu, Jack Ma, Liang Wenfeng, and Wang Ning following in positions 4 to 10 [3][12] - The selection process involved analyzing over 5,000 influential brand figures based on criteria such as industry authority, social influence, sense of social responsibility, public image, and attention [3][12]

Group 1 - The State Intellectual Property Office of China has granted a patent to Zhuhai Gree Intelligent Equipment Co., Ltd. for a system involving "conveying mechanism, directional gripping system, and nut screwing machine," with the announcement number CN119388790B and application date of November 2024 [1] - Zhuhai Gree Intelligent Equipment Co., Ltd. was established in 2015, located in Zhuhai, primarily engaged in the manufacturing of educational, industrial, sports, and entertainment products, with a registered capital of 100 million RMB [1] - The company has made investments in 6 enterprises, participated in 78 bidding projects, holds 4,213 patent records, and possesses 86 administrative licenses [1] Group 2 - Zhuhai Gree Electric Appliances Co., Ltd. was founded in 1989, also located in Zhuhai, primarily involved in the manufacturing of electrical machinery and equipment, with a registered capital of approximately 601.57 million RMB [1] - The company has invested in 98 enterprises, participated in 5,000 bidding projects, and has 5,000 trademark records and 5,000 patent records, along with 908 administrative licenses [1]

Group 1 - The State Intellectual Property Office of China has granted Zhuhai Gree Electric Appliances Inc. a patent for "electric connection interface, electric connection seat, and electric equipment," with the authorization announcement number CN115498441B, applied for on September 2022 [1] - Zhuhai Gree Electric Appliances Inc., established in 1989 and located in Zhuhai, primarily engages in the manufacturing of electrical machinery and equipment, with a registered capital of 6,015.73 million RMB [1] - 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] Group 2 - Zhuhai Lianyun Technology Co., Ltd., founded in 2018 and also based in Zhuhai, focuses on software and information technology services, with a registered capital of 50 million RMB [1] - The company has participated in 9 bidding projects and holds 4,573 patent information records, in addition to having 14 administrative licenses [1]

Group 1 - The white goods sector increased by 0.5% on January 9, with Midea Group leading the gains [1] - The Shanghai Composite Index closed at 4120.43, up 0.92%, while the Shenzhen Component Index closed at 14120.15, up 1.15% [1] - Midea Group's closing price was 79.77, reflecting a 0.94% increase, with a trading volume of 341,100 shares [1] Group 2 - The net inflow of main funds in the white goods sector was 158 million yuan, while retail funds saw a net inflow of 943,930 yuan [1] - Midea Group had a main fund net inflow of 1.27 billion yuan, but retail funds experienced a net outflow of 32.82 million yuan [2] - Haier Smart Home had a main fund net inflow of 7.12 million yuan, but retail funds saw a net outflow of 60.98 million yuan [2]

Group 1 - The State Intellectual Property Office of China has granted a patent titled "A Switch Shell and Intelligent Switch with It" to Zhuhai Gree Electric Appliances Inc. and Zhuhai Lianyun Technology Co., Ltd., with the authorization announcement number CN110676084B and an application date of September 2019 [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 and has 4,573 patent information records, in addition to holding 14 administrative licenses [1]

Group 1 - The company owns three major consumer brands: Gree, TOSOT, and Jinghong, along with industrial brands such as Lingda, Kaibang, and Xinyuan, covering both consumer goods and industrial equipment sectors [1] - The consumer appliance segment is primarily supported by the air conditioning business, which includes a range of products such as refrigeration, washing machines, kitchen appliances, and environmental appliances [1] - The industrial products and equipment segment focuses on smart equipment, industrial robots, compressors, motors, and molds, indicating a diverse industrial strategy [1] Group 2 - The company is committed to a diversified strategy based on core technology and market demand, continuously optimizing its industrial layout [1]

Core Viewpoint - Gree Electric Appliances emphasizes its commitment to high-quality development through steady operations and technological innovation, ensuring strong profitability and sustainable dividend capabilities for long-term shareholder value creation [1] Group 1: Financial Performance - The company ranks 7th in cumulative dividend amount over the past ten years and 8th over the past five years among A-share listed companies, excluding the financial and oil & petrochemical sectors [1] - Gree has implemented cash dividends 15 times in the last decade, including the mid-term distribution for 2025, showcasing a strong commitment to shareholder returns [1] Group 2: Dividend Policy - The company prioritizes investor returns by adhering to a stable and sustainable dividend policy, reflecting its focus on maintaining a high level of dividend consistency and stability compared to other listed companies [1]