1. Report Industry Investment Rating The provided content does not include the report industry investment rating. 2. Core Views - The Chinese refrigeration and air - conditioning equipment industry is at a critical turning point. The domestic household market is in a stable development stage dominated by stock replacement demand, and growth is driven by the improvement of energy - efficiency standards. The report analyzes structural growth opportunities and long - term evolution trends by benchmarking overseas leading companies [2]. - Overseas expansion should focus on local in - depth development and value extension of the industrial chain. It is a systematic project, and mergers and acquisitions are strategic choices. Chinese enterprises are moving from the initial stage of "Made in China, Sold Globally" to the new stage of globalization of "brand, technology, and management" [2]. - The commercial refrigeration field, especially the data center refrigeration track, is a short - term growth highlight. The capital expenditure of overseas HVAC giants is directed towards data center infrastructure, and there is a market for high - end refrigeration solutions due to the need to improve energy efficiency and reduce PUE [2]. - Investment suggestions: In the household refrigeration equipment field, pay attention to industry leaders such as Midea Group; in the special - purpose refrigeration equipment field, focus on companies like Invic and Shenling Environment; for upstream components, pay attention to Hanzhong Precision Machinery, Binglun Environment, and Sanhua Intelligent Control [2]. 3. Summary by Relevant Catalog 3.1 Traditional Refrigeration Equipment Overview - **Global Refrigeration and Air - Conditioning Market**: The global refrigeration and air - conditioning market has shown steady growth. From 2018 to 2024, the global air - conditioner sales increased from 232.5 million units to 261.2 million units, with a compound annual growth rate of 2.0%. The proportion of household air - conditioners in 2024 was 73.7%, and the central air - conditioning market grew faster, with a compound annual growth rate of 4.0% from 2018 to 2024. It is predicted that by 2028, the global air - conditioner sales will reach 293.3 million units, with a compound annual growth rate of 2.9% from 2024 to 2028. Asia, North America, and Europe are important regional markets, and China is the largest single air - conditioning market [22]. - **Household Air - Conditioning**: In the 2024 cold year, China's household air - conditioner production accounted for 80.8% of the global total. Many domestic enterprises are increasing overseas layout. In the 2024 cold year, overseas production capacity increased by nearly 7 million units. In the 2025 cold year, domestic household air - conditioner exports were about 99.29 million units, a year - on - year increase of 16.7%, with the highest export proportion to Asia [28]. - **Central Air - Conditioning and Chiller Units**: There are various types of central air - conditioning and chiller units. The export of screw and centrifugal chiller units for data centers is strong. The Asian market has a large - scale demand and is gradually recovering, while the North American market has a prominent growth rate due to its small base. The domestic market is waiting to stabilize, and leading enterprises are strengthening their competitive advantages [33]. 3.2 Household Market: Domestic Sales Review and Challenges for Leading Companies - **Price Wars and Market Competition**: After several price wars, the concentration of the domestic household refrigeration and air - conditioning market has increased. The competition has evolved from scale and price to technology, product, channel, service, and ecosystem. In 2025, the domestic sales volume of household air - conditioners increased by 8.7% year - on - year, but the growth driven by policies and climate is difficult to sustain. The long - term driving force is stock replacement and structural upgrading [35][36]. - **Energy - Efficiency Upgrade**: China has introduced multiple air - conditioner energy - efficiency standards, which have promoted the transformation from fixed - frequency to variable - frequency air - conditioners. Leading enterprises have advantages in technology and industrial layout for energy - efficiency improvement [39]. - **Challenges for Leading Companies**: In 2024 - 2025, a new round of price wars occurred. Xiaomi's entry has challenged the traditional hardware - profit model. Leading companies are facing challenges in terms of efficiency and sustainable profit growth. They are promoting digital reform, channel and logistics innovation to enhance competitiveness [40][43][44]. 3.3 Overseas Expansion of Domestic Enterprises - **Difficulties and Solutions**: There are differences in regional usage habits overseas. The US market has high access barriers, and the European market has low air - conditioner penetration and high energy - efficiency requirements. Overseas acquisitions are an important way to enter the market. Chinese enterprises are accelerating overseas production capacity construction in Southeast Asia and other regions [52][54]. - **Southeast Asian Market**: Exports to ASEAN are on an upward trend. In 2024, China's cumulative exports of white goods to ASEAN reached $14.87 billion, a year - on - year increase of 19.8%. The demand in the ASEAN market is driven by urbanization and industrialization [63]. 3.4 Overview of Overseas Representative Enterprises' Operations - **Business Models and Strategies**: Overseas HVAC representative enterprises have different business models and strategies. Johnson Controls has transformed from an equipment manufacturer to a builder of smart building ecosystems; Trane Technologies has upgraded its services and transformed its strategy; Daikin has acquired relevant enterprises to supplement its data center refrigeration business [73][82]. - **Performance of Leading Enterprises**: Leading international enterprises such as Trane Technologies, Johnson Controls, Carrier Global, and Vertiv have shown different performance. They are all focusing on high - growth areas such as data center refrigeration [83][86][87][88]. 3.5 Commercial Market: Pay Attention to Refrigeration Demand in Data Centers - **Demand for Data Center Refrigeration**: The development of AI and other industries is expected to drive the construction of data centers. The demand for data center capacity is expected to increase at a compound average growth rate of 19% from 2023 to 2030. Reducing the energy consumption of refrigeration equipment is crucial for the green and low - carbon development of data centers [94]. - **Refrigeration Technologies**: There are various data center refrigeration technologies, including water - cooled, air - cooled, indirect evaporation cooling, "glacier" phase - change cooling, and liquid cooling. Liquid cooling has advantages in energy consumption, and the development of liquid - cooling technology is a trend [96][104]. - **Investment Suggestions**: Enterprises in different segments are recommended, including traditional HVAC enterprises such as Midea Group, precision temperature - control equipment enterprises such as Invic, special - purpose air - conditioner manufacturers such as Shenling Environment, and upstream component enterprises such as Hanzhong Precision Machinery, Binglun Environment, and Sanhua Intelligent Control [112][113].

Core Insights - The report maintains a positive outlook on the home appliance sector, particularly focusing on the cost reduction potential of aluminum replacing copper in air conditioning systems [2][5] - The adoption of aluminum-copper technology is seen as a significant step towards reducing production costs amid rising copper prices and resource scarcity [10][15] Group 1: Aluminum-Copper Technology Impact - The use of aluminum instead of copper in air conditioning units can lead to substantial cost savings, with estimates suggesting a reduction of 208 to 277 RMB per unit when replacing 50% of copper, and up to 416 to 554 RMB when replacing 100% [11][12] - Copper currently constitutes about 26% to 33% of the cost in standard air conditioning units, with high-end models reaching over 40% [11][12] - The global market has seen significant adoption of aluminum-copper products, particularly in Japan where approximately 40% to 50% of air conditioners use aluminum heat exchangers [15][16] Group 2: Domestic Market Challenges - Despite the cost advantages, the domestic promotion of aluminum-copper air conditioners faces challenges, including inferior thermal conductivity and corrosion resistance compared to copper [19][20] - Consumer perception is a major barrier, as negative opinions about aluminum's reliability persist, complicating market acceptance [19][20] - The first domestic aluminum-copper air conditioner was launched by Wanbao in collaboration with JD.com, targeting the mid-to-low-end market, which may help accelerate industry-wide material transitions [16][17] Group 3: Industry Performance and Trends - The home appliance sector has shown mixed performance, with the overall index increasing by 0.44%, while specific segments like white goods and black goods experienced varied changes [21][22] - Recent data indicates a decline in domestic sales growth for air conditioners, refrigerators, and washing machines, reflecting broader market challenges [33][47] - The report highlights the importance of monitoring raw material prices, with copper and aluminum prices showing significant fluctuations that could impact production costs [29][31]

公司研究 证 券 研 究 报 告 格力电器（000651）重大事项点评 强推（维持） 主营承压下盈利能力改善，制造体系持续夯实 事项： ❖ 2025 年 11 月，工信部公示《2025 年度领航级智能工厂项目培育名单》，格力 电器旗下"全价值链格力协同屋空调智能工厂"项目入选（全国首批仅 15 家）， 公司智能制造能力与示范效应获得国家级层面认可。 评论： ❖ 风险提示：新品开拓不及预期、原材料价格上涨。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 190,038 | 179,515 | 187,740 | 196,561 | | 同比增速(%) | -7.3% | -5.5% | 4.6% | 4.7% | | 归母净利润(百万) | 32,185 | 30,058 | 32,279 | 34,156 | | 同比增速(%) | 10.9% | -6.6% | 7.4% | 5.8% | | 每股盈利(元) | 5.75 | 5. ...

Core Viewpoint - The consumer sector has faced significant challenges in the past year, with many sub-sectors experiencing declines despite overall market growth. The focus on domestic demand and consumption has not translated into positive performance for many consumer-related industries [1][5]. Consumer Sector Performance - In the first half of the year, 10 out of 16 declining industries were from the consumer sector, indicating a broader trend of underperformance [1]. - The white liquor sector, a key component of the consumer market, has seen a year-to-date decline of 12.44%, with major brands like Wuliangye experiencing significant drops in revenue and profit [6][9]. - The professional chain sector has been particularly hard-hit, with a year-to-date decline of 14.72%, exemplified by the struggles of companies like Renrenle [16][20]. White Liquor Sector - The white liquor industry is facing its eighth consecutive year of production decline, with both volume and price dropping simultaneously [10]. - Wuliangye reported a 10.26% decline in revenue and a 13.72% drop in net profit for the first three quarters, marking its first negative growth in a decade [9]. - The industry is shifting from a growth-driven model to one focused on consumer choice, with a need for companies to adapt to changing consumer preferences [15]. Professional Chain Sector - The professional chain sector is experiencing a crisis, with many physical stores closing and traditional business models failing [16][20]. - Renrenle, once a leading private supermarket, has seen its market value plummet and is now facing delisting due to ongoing financial struggles [21][24]. - The shift towards online shopping and personalized consumer demands has further exacerbated the challenges faced by traditional retail chains [24][25]. Non-White Liquor Sector - The non-white liquor sector, including beer and wine, has also faced declines, with the beer segment seeing a notable drop in sales and profits [27][32]. - Budweiser APAC reported an 8.2% decline in domestic sales and a 24.4% drop in net profit, reflecting broader industry challenges [32][33]. - The market is witnessing a trend of cross-industry competition, with liquor companies diversifying into new beverage categories [34]. Publishing Sector - The publishing industry has shown resilience despite a 10.4% decline in the overall market for printed books, with listed companies managing to increase net profits by 14.65% [43][44]. - However, leading companies like Zhongwen Media are struggling, with significant revenue and profit declines due to changes in educational material procurement policies [45][48]. Seasoning Sector - The seasoning industry has faced a 6.04% decline, with companies like Qianhe Flavor struggling due to falling revenues and a loss of consumer trust [51][55]. - The industry is experiencing a shift in consumer preferences and increased competition, necessitating a reevaluation of business strategies [60]. Traditional Chinese Medicine Sector - The traditional Chinese medicine sector is facing challenges, with companies like Pian Zai Huang reporting significant declines in revenue and profit due to rising costs and regulatory pressures [61][66]. - The industry is undergoing a transformation as companies seek to innovate and diversify their product offerings [70]. Digital Media Sector - The digital media industry has seen a 4.95% decline, with companies like Mango TV reporting significant drops in revenue and profit due to changing consumer behaviors and market dynamics [71][74]. - The sector is grappling with the need to adapt to new content consumption trends while facing pressure from traditional advertising models [75]. Kitchen and Bathroom Appliances Sector - The kitchen and bathroom appliance sector has experienced a 4.11% decline, largely due to reduced demand from the real estate market [78][79]. - Companies like Boss Electric are facing revenue declines for the first time in years, highlighting the challenges of adapting to a changing market landscape [79][80]. White Goods Sector - The white goods sector has seen a 2.02% decline, with major players like Gree Electric facing significant revenue and profit pressures due to increased competition and market saturation [83][84]. - The industry is shifting towards a focus on product quality and brand strength as external stimuli diminish [88]. Hotel and Restaurant Sector - The hotel and restaurant sector has faced a 1.37% decline, with revenue pressures stemming from changing consumer spending habits and increased competition from online platforms [89][92]. - Companies are beginning to adopt more refined operational strategies to navigate the challenging market environment [96].

Core Viewpoint - The article discusses the significant downturn in various consumer sectors, particularly the liquor and retail industries, highlighting the challenges and potential opportunities for recovery amidst changing consumer behaviors and market dynamics [2][4][43]. Group 1: Liquor Industry - The liquor sector, especially the white liquor segment, has faced substantial declines, with the overall white liquor market down by 12.44% this year [9][15]. - Major brands like Wuliangye have reported significant drops in revenue and profit, with a 10.26% decline in revenue and a 13.72% drop in net profit for the first three quarters [17]. - The white liquor industry is experiencing a shift from a growth-driven model to one focused on consumer preferences, with a need for companies to adapt to changing consumption patterns [26][27]. Group 2: Retail Industry - The professional chain sector has seen a dramatic decline of 14.72%, with many traditional retail models struggling to survive [28][30]. - Companies like Renrenle have faced severe financial difficulties, leading to a significant reduction in store numbers and ultimately triggering delisting procedures [34][35]. - The shift towards online shopping and changing consumer preferences have forced traditional retailers to innovate or face extinction [36][39]. Group 3: Non-White Liquor Sector - The non-white liquor sector, including beer and wine, has also suffered, with a reported decline of 11.61% this year [40]. - Major players like Budweiser APAC have experienced significant sales drops, with a 9.5% revenue decrease and a 24.4% decline in net profit [46]. - The industry is witnessing a trend of cross-industry competition, with liquor companies diversifying into other beverage categories to adapt to market changes [51][56]. Group 4: Publishing Industry - The publishing sector has faced a 7.22% decline, with the overall market for printed books down by 10.40% [60]. - Despite the downturn, some publishing companies have managed to increase profits through cost control and operational efficiency, with a 14.65% rise in net profit for listed companies [61][62]. - The industry is undergoing significant transformation, moving from traditional sales models to more dynamic content management and IP development strategies [70][71]. Group 5: Seasoning Industry - The seasoning sector has seen a 6.04% decline, with companies like Qianhe Flavor struggling due to a drop in revenue and profit [74]. - The industry is facing challenges from both market saturation and changing consumer preferences, necessitating a shift in strategy for many companies [81]. Group 6: Traditional Chinese Medicine - The traditional Chinese medicine sector has experienced a 5.02% decline, with companies like Pian Zai Huang facing significant revenue and profit drops [86]. - The industry is under pressure from regulatory changes and increased competition, pushing companies to innovate and diversify their product offerings [91][92]. Group 7: Digital Media - The digital media sector has reported a 4.95% decline, with traditional advertising models struggling to adapt to new market realities [97][100]. - Companies like Mango TV have seen significant revenue drops, highlighting the challenges of maintaining profitability in a rapidly changing landscape [101][104]. Group 8: Kitchen and Bathroom Appliances - The kitchen and bathroom appliance sector has faced a 4.11% decline, with major players like Boss Electric experiencing revenue drops for the first time in years [112]. - The industry is grappling with reduced demand due to a slowdown in the real estate market, necessitating a shift towards innovation and international expansion [117][118]. Group 9: White Goods - The white goods sector has seen a 2.02% decline, with companies like Gree Electric facing significant challenges due to market saturation and increased competition [126][129]. - The industry is shifting towards a more rational consumer base that prioritizes product quality and brand reputation over traditional growth drivers [133]. Group 10: Hotel and Restaurant Industry - The hotel and restaurant sector has experienced a 1.37% decline, with many businesses struggling to convert increased tourism into profits [140][141]. - The industry is witnessing a shift towards more refined operational models, with companies focusing on member engagement and digital transformation to enhance profitability [142][143].

Core Viewpoint - The article discusses the high costs associated with air conditioning maintenance and repair services, highlighting the lack of regulation in the air conditioning after-market, which has become a lucrative but problematic area for consumers and companies alike [2][4][15]. Group 1: High Costs of Air Conditioning Maintenance - The cost for seasonal cleaning and filter replacement for central air conditioning units can reach approximately 15,000 yuan, with filter replacement accounting for 70% of this cost [4][7]. - Consumers have expressed frustration over the high service fees, with some stating that the cost of maintenance can exceed the price of purchasing new units, especially as air conditioning prices have dropped significantly due to market competition [5][10]. - The average cleaning costs for other brands like Midea and Gree range from 100 to 300 yuan, indicating that the prices for maintenance services can vary widely across different brands [10][11]. Group 2: Issues in the After-Market - The air conditioning after-market is plagued by issues such as price opacity, inflated repair costs, and unnecessary upselling, leading to consumer distrust [15][16]. - Reports indicate that third-party service providers often charge significantly more than official brand service teams, sometimes up to 3-4 times higher [15][18]. - The lack of regulation in the after-market allows for a variety of service quality, with many third-party companies operating outside of formal oversight [18]. Group 3: Competitive Landscape and Service Improvements - Major appliance brands like Gree and Midea are increasingly focusing on enhancing their after-sales service networks, with Gree boasting over 15,000 authorized service points [20][22]. - The article notes a shift in service strategies, with brands like Midea and Xiaomi introducing longer warranty periods and comprehensive service packages to improve customer satisfaction [22][24]. - As the price competition in the air conditioning market reaches its limits, companies are recognizing the importance of service quality as a key differentiator in maintaining market share [23][24].

Core Insights - The report emphasizes the strong resilience of leading white goods companies, highlighting their high dividend yields, with Gree Electric at 7.3%, Midea Group at 5.1%, Hisense Home Appliances at 4.9%, and Haier Smart Home at 4.6% [6][22] - The "Home Appliance +" strategy indicates opportunities in extending the appliance industry into robotics, with companies like Midea Group and Fuhua Co. making significant advancements [6][58] - The export market shows potential, particularly in the U.S. real estate sector, with expectations of demand recovery due to anticipated interest rate cuts and housing stimulus policies [6][70] Section Summaries 2025 Home Appliance Review - The home appliance index has shown a modest increase of 7.7% year-to-date, underperforming the CSI 300 index by approximately 9.7 percentage points [11][14] - The market style in 2025 has favored growth stocks, while the home appliance sector has leaned towards value, leading to a mismatch in market expectations [13][14] - The public fund allocation in the home appliance sector is at a historical low of 2.94%, indicating potential for future growth as external demand remains optimistic [18][19] Dividends - Leading white goods companies maintain high dividend yields, with Gree Electric at 7.3%, Supor at 6.1%, and Midea Group at 5.1%, reflecting strong earnings resilience [24][29] - The report suggests that the dividend rates for companies like Midea and Haier may continue to increase, supported by robust profit growth [24][30] Domestic Sales - The national subsidy policy has positively impacted consumer confidence, with a clear trend towards structural upgrades in appliance consumption [34] - The sales growth of home appliances has been driven by the "trade-in" policy, although growth rates have shown a declining trend in the latter part of the year [34][39] - The air conditioning market has maintained stable pricing, with a continued trend towards mid-to-high-end products [39] "Home Appliance +" - Midea Group has made significant investments in robotics, with humanoid robots already in practical application within factories [58] - Fuhua Co. is expected to launch its grain storage robots in 2026, indicating a diversification into new growth areas [59] - Key component manufacturers like Huaxiang Co. and Hanyu Group are positioned to benefit from the robotics trend, focusing on core components such as reducers and harmonic drives [64][65] Exports - The U.S. real estate market is expected to recover, with potential interest rate cuts and housing stimulus policies likely to boost demand for home appliances [71][84] - Retail inventory levels in the U.S. are high, which may affect sales performance in the short term, but long-term housing demand remains strong [76][83] - The report anticipates that if mortgage rates fall below 6%, there could be a significant recovery in demand within the real estate chain [84]

Core Viewpoint - Gree Electric Appliances is actively monitoring the price trends of key raw materials and has implemented corresponding control policies to mitigate risks associated with price fluctuations [1] Group 1: Raw Material Management - The company is utilizing digital management for raw material demand and inventory situations, establishing flexible reserve strategies [1] - Regular hedging activities in bulk material futures are being conducted to counteract adverse impacts from significant market price volatility [1] Group 2: Cost Control and Quality Assurance - Gree Electric Appliances maintains a commitment to quality and continuously seeks to lower costs through various methods, including cost control, technological innovation, process optimization, improving production efficiency, and reducing waste [1]

格力电器12月29日在互动平台表示，公司目前已研发推出新能源客车空调、新能源物流车空调以及卡车 驻车空调等产品，且已应用至格力钛新能源公交车、大巴车等商用车型上。 ...

Core Insights - Gree Electric Appliances has established itself as a leader in the air conditioning industry, focusing on high-quality development and innovation to set new benchmarks in the real estate sector [1][26] - The company aims to continue its growth trajectory and enhance its collaboration with major real estate developers through strategic partnerships [1][26] Group 1: Partnerships with Major Real Estate Developers - China Overseas Land & Investment Limited (COLI) ranks in the top 3 of the real estate sector, with over 500 signed projects and a total cooperation amount exceeding 1.2 billion yuan since 2019 [3][29] - China Merchants Shekou Industrial Zone Holdings Co., Ltd. is ranked in the top 5, with strategic procurement agreements signed in 2024, covering major projects like Shenzhen New Era Plaza [5][31] - Huafa Group, ranked 9th, has collaborated with Gree since 2016, resulting in over 200 projects and a total cooperation amount exceeding 700 million yuan [6][33] - Yuexiu Property Company Limited, ranked 12th, has engaged in multi-unit air conditioning procurement since 2018, with over 50 signed projects and a cooperation amount exceeding 400 million yuan [11][36] - China Power Construction Real Estate Group is among the first 16 state-owned enterprises approved for real estate development, with over 20 projects supported by Gree since their partnership began in 2021 [14][40] - Wanda Group, established in 1988, has collaborated with Gree since 2015, resulting in over 400 contracts and a cooperation amount exceeding 1.6 billion yuan [16][42] - Fosun Health Technology Group, a subsidiary of Fosun Pharma, has partnered with Gree since 2025, focusing on healthcare projects like Shenzhen Hengsheng Hospital [18][44] - Chengdu Beite Construction and Installation Engineering Co., Ltd. has engaged in strategic procurement since 2022, covering key projects in the Chengdu area [20][47] - Hubei Lian Investment Group, a key state-owned enterprise, is currently collaborating on multiple real estate projects, including the Guangzhou Lian Investment Wenzhou Project [22][50] - Junjing Bay Group, a leading real estate company in the Pearl River Delta, is set to collaborate on key development projects over the next three years, focusing on residential and commercial properties [25][53] Group 2: Company Strategy and Vision - Gree emphasizes its commitment to craftsmanship and innovation, aiming to meet the evolving needs of the real estate market [1][26] - The company plans to leverage its strong R&D capabilities and professional service teams to foster growth in collaboration with real estate enterprises [1][26]