Summary of Key Points from the Conference Call Industry Overview - **Sector**: China Consumer Sector - **Key Insights**: The sector shows signs of consumption recovery despite a near-term property market downturn. Valuation remains attractive, approximately 1 standard deviation below 10-year averages, indicating that a consumption recovery is not yet priced in [2][21]. Consumer Staples - **Baijiu**: Anticipated demand support for mid-end baijiu due to easing alcohol bans and private consumption growth. Companies are expected to accelerate channel transformations for sustainable EPS growth [3][8]. - **Beer**: Premiumization continues through product diversification and in-home channel expansion, despite on-trade softness. CR Beer expects low-single-digit volume growth in 2025, with Heineken volumes projected to grow by 20% YoY [3][8]. - **Dairy**: Liquid milk sales are expected to recover modestly in 2026, driven by marketing and innovation, despite a weak 2025. Fresh milk shows resilience with double-digit growth [3][8]. - **Freshly-Made Beverages (FMB)**: Guming is expected to maintain steady SSSG in 2026 through category expansion and dine-in growth, despite the phase-out of delivery subsidies [3][8][19]. - **Condiments**: Sequentially improving demand is expected, with Haitian focusing on multi-product categories and Jonjee anticipating a cleaner 2026 after a weak 4Q25 [3][8]. Consumer Discretionary - **Home Appliances**: Companies like Midea and Haier expect higher overseas growth compared to domestic markets in 2026. Strategies include price hikes and operational efficiencies [4][10]. - **Jewelry**: Brands with unique designs may consolidate post-VAT reform. Laopu is expected to achieve strong sales growth due to increased focus on value-added services [4][10]. - **Restaurants**: Intense competition leads to divergent strategies, with some companies lowering prices while others upgrade offerings. DPC Dash is on track for expansion despite market uncertainties [4][10]. Stock Implications - **Most Preferred Stocks**: CR Beer, Guming, MIXUE, China Foods, YUM China, among others, are highlighted as preferred investments due to their growth potential [5]. - **Least Preferred Stocks**: Companies like Swellfun, Nongfu, and Gree are noted as less favorable due to various challenges [5]. Key Risks - Risks include demand recovery uncertainties, cost inflation or deflation, and changes in the competitive landscape. These factors could significantly impact the consumer sector's performance [21]. Additional Insights - **Pet Food**: The industry is shifting towards online sales, with over 85% of sales occurring digitally. Competition is intensifying, pushing brands towards innovation and product differentiation [13]. - **Snack Sector**: Rapid category diversification and channel restructuring are creating growth opportunities, particularly through snack discounters [9][12]. This summary encapsulates the essential insights and projections from the conference call, providing a comprehensive overview of the current state and future outlook of the China consumer sector.

截至2026年1月22日，上市公司海信家电自2025年12月20日起已连发三条公告购买信托理财产品， 覆盖的信托公司包括金谷信托、华能信托、中粮信托，涉及总金额超过55亿元。 2026年1月21日，海信家电发布公告披露，旗下空调营销公司、冰箱营销公司在2025年7月16日至 2026年1月20日期间，与华能信托签订理财协议，斥资18.15亿元认购其理财产品，其间累计签订10份相 关协议。据《金融时报》记者了解，这已是海信家电自2026年以来第二次披露大手笔认购信托理财， 2026年1月7日，海信家电曾公告其附属公司在2025年7月至2026年1月6日期间，以18.55亿元认购中粮信 托6款理财产品。2025年12月末，海信家电曾公布其附属公司在2025年10月14日至2025年12月19日期间 与金谷信托订立协议，认购金谷信托理财产品金额为18.92亿元。 作为央企背景的信托公司，上述涉及的三家信托公司2025年经营业绩较为亮眼，其中，中粮信托实 现营业收入14.09亿元、净利润6.53亿元；华能信托营收达28.15亿元、净利润12.60亿元；金谷信托营收 达15.62亿元、净利润8.23亿元，均处于已公布业 ...

Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly on leading companies in the white and black goods sectors, highlighting their low valuations, high dividends, and stable growth potential [2][3]. Core Insights - The report identifies three main investment themes: 1. **Dividend and Growth**: Leading companies in the white and black goods sectors are characterized by low valuations, high dividends, and stable growth, providing a high safety margin and significant price elasticity. The impact of the trade-in policy is expected to continue positively into 2026 [2][3]. 2. **Technological Transition**: Key upstream component manufacturers are diversifying into emerging technology sectors such as robotics, data center temperature control, and semiconductors, seeking cross-industry transformation [2][3]. 3. **Market Demand**: Both domestic and international markets show promising demand, with established companies expanding production bases globally to mitigate trade fluctuations and capture growth in emerging markets [2][3]. Sales Data Summary - **Air Conditioning**: In December 2025, online retail sales volume was 720,000 units, a year-on-year decrease of 38.5%, while offline sales volume was 162,000 units, down 42.9%. The average online retail price decreased by 4.2% to 2,981 yuan per unit, and the offline average price fell by 20.1% to 3,801 yuan per unit [2][3][35]. - **Kitchen Appliances**: - **Range Hoods**: Online sales volume was 443,000 units, down 16.8%, while offline sales were 57,000 units, down 32.1%. The online average price increased by 14.4% to 1,739 yuan per unit, while the offline average price decreased by 14.4% to 3,813 yuan per unit [3][41]. - **Dishwashers**: Online sales volume was 49,000 units, down 10.2%, and offline sales were 5,000 units, down 44.2%. The online average price decreased by 1.1% to 4,245 yuan per unit, while the offline average price increased by 1.4% to 7,990 yuan per unit [3][41]. Company Updates - **Yitian Intelligent**: Forecasts a net loss of 186 to 152 million yuan for 2025, compared to a profit of 26.54 million yuan in 2024 [5][11]. - **Roborock Technology**: Launched new products including the G30S Pro and P20 Ultra, featuring advanced cleaning technologies and high efficiency [5][12]. - **Stock Performance**: The home appliance sector outperformed the CSI 300 index, with notable gains from companies like Aojiahua (10.1%) and Hisense Visual (5.7%) [5][6][8]. Macro Economic Environment - As of January 23, 2026, the USD to RMB exchange rate was 6.9929, reflecting a decrease of 0.51% since the beginning of the year [46][48]. - In December 2025, the total retail sales of consumer goods reached 45,135.90 billion yuan, a year-on-year increase of 0.86% [48][49].

证券日报网讯 1月22日，海信家电在互动平台回答投资者提问时表示，当前公司生产经营正常，不存在 应该披露但未披露的重大风险。管理层持续优化治理体系，未来公司将通过多种方式竭力维护投资者权 益，增强市场信心。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯 1月22日，海信家电在互动平台回答投资者提问时表示，公司现金情况请关注定期报告相 关内容。 ...

Group 1 - The core viewpoint of the article is that Hisense Home Appliances acknowledges that its stock price fluctuations are influenced by multiple factors, including capital market trends, macroeconomic conditions, and industry changes [1] - The company reports that its operations are stable and that the management team is continuously optimizing the governance system [1] - Hisense Home Appliances is committed to maintaining investor rights and enhancing market confidence through various means in the future [1]

证券日报网讯 1月22日，海信家电在互动平台回答投资者提问时表示，公司主要从事冰箱、家用空调、 中央空调、冷柜、洗衣机、厨房电器等电器产品以及模具、汽车空调压缩机及综合热管理系统的研发、 制造和营销业务，并提供围绕家电智能化升级为核心的全场景智慧家庭解决方案。公司始终秉持稳健经 营策略，通过多元化产能布局与提升供应链韧性，积极应对市场波动，目前南美区和亚太区经营稳定。 （文章来源：证券日报） ...

Core Viewpoint - Hisense Home Appliances (00921) announced a subscription to a trust financial product from COFCO Trust, with a total investment amount of RMB 2.035 billion, scheduled between January 14 and January 22, 2026 [1] Group 1 - The company and its subsidiaries, including the air conditioning company, Kelon Mould Company, and refrigerator marketing company, are involved in the subscription [1] - The investment is part of a financial strategy to enhance the company's financial management and investment returns [1]

股票代码：000921 股票简称：海信家电 公告编号：2026-003 海信家电集团股份有限公司 H 股公告-认购理财产品 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 海信家电集团股份有限公司（「本公司」）于 2026 年 1 月 22 日在香港联合交易所有 限公司披露易网站（www.hkexnews.hk）刊登了公告。根据《深圳证券交易所股票上市规 则》关于境内外同步披露的要求，特将公告内容披露如下，供参阅。 特此公告。 董事會宣佈，於 2026 年 1 月 14 日至 2026 年 1 月 22 日期間，本公司及本公司的附屬公司 空調公司、科龍模具公司及冰箱營銷公司（作為認購方）訂立中糧信託理財協議，以認購 中糧信託理財產品，認購金額為人民幣 2,035,000,000 元。 本集團使用自有閒置資金支付該等中糧信託理財協議下的認購金額。 海信家电集团股份有限公司董事会 2026 年 1 月 22 日 1 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分 ...

格隆汇1月22日丨海信家电(00921.HK)宣布，于2026年1月14日至2026年1月22日期间，公司及公司的附 属公司空调公司、科龙模具公司及冰箱营销公司(作为认购方)订立中粮信托理财协议，以认购中粮信托 理财产品，认购金额为人民币20.35亿元。 ...