Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly for major players in the white goods sector, indicating a favorable investment environment for 2025 [3][5][6]. Core Insights - The home appliance sector is expected to benefit from the continuation of the "trade-in" policy and improvements in overseas production capacity, leading to enhanced profitability in the supply chain [2][5]. - The report highlights three main investment themes: 1. **Dividend**: Major white and black appliance companies are characterized by low valuations, high dividends, and stable growth, providing a high margin of safety and significant elasticity in stock prices [6][7]. 2. **Technology**: Core component manufacturers are transitioning into emerging tech fields such as robotics and semiconductor cooling, seeking cross-industry growth [7]. 3. **Export**: Recovery in export demand and sustained domestic sales of new products, particularly in the small appliance sector, are expected to drive growth [7]. Summary by Sections 1. White Goods and Components - In 2025, the air conditioning sector is projected to produce 195.37 million units, a 3% year-on-year decline, while sales are expected to reach 198.39 million units, down 1% year-on-year, with domestic sales increasing by 1% [5][13]. - The average price of white goods is declining due to high base effects from the trade-in policy, with air conditioning prices dropping by 13% year-on-year [23][24]. 2. Kitchen Appliances - The kitchen appliance sector is experiencing a recovery driven by real estate and trade-in policies, with online sales of range hoods and gas stoves increasing by 7.9% and 1.7% respectively in 2025 [33][34]. - Major companies like Boss Electric and Vatti are leveraging trade-in policies to boost sales, with Boss Electric maintaining a leading market share in range hoods [35][36]. 3. Small Appliances - The small appliance sector is seeing a revival due to the trade-in policy, with significant growth in cleaning appliances, although overall market consumption remains subdued [6][7]. - Companies like Roborock and Ecovacs are expected to benefit from high demand for new products, with projected revenue growth of 34% and 12% respectively in Q4 2025 [5][7]. 4. New Displays and Lighting - The emerging display sector is at a turning point, while the lighting industry is anticipated to see growth as it awaits market recovery [6][7]. - Companies like Hisense and OP Lighting are expected to experience revenue declines in Q4 2025, with projections of -10% and -2% respectively [6][7]. 5. Investment Highlights - The report recommends a combination of leading white goods companies such as Haier, Midea, and Gree, along with Hisense, as they are currently undervalued and offer stable growth prospects [6][7]. - The report also emphasizes the importance of component manufacturers adapting to new technologies and markets, with companies like Huaxiang and Sanhua expected to see significant growth in their respective sectors [7][29][30].

| 2025年盐城市冬季小家电产品质量专项监督抽查企业名单 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 序 产品具体名称 | | 商标 | 规格型号 | 生产日期 | 生产批 | 标称生产企业 | 销售单位 | 样品来 | | 号 | | | | | 号 | | | 源 | | 1 电热水壶 | | —— | MK SH15Colour102 | 2025-06- 11 | —— | 广东美的生活电器制造有限公司 | 盐城招商场金龙电器行 | 实体店 | | 2 | 液体加热器（养生壶） | —— | DGD1506BQ | 2024-09- 09 | —— | 杭州九阳生活电器有限公司 | 盐城招商场金龙电器行 | 实体店 | | 3 多功能电热锅 | | —— | MC-DY16E211 | —— | —— | 广东美的生活电器制造有限公司 | 亭湖区毓龙街道陈琦五金产品经 营部 | 实体店 | | 4 取暖器 | | —— | HFS20BD | —— | —— | 广东美的环境电器制造有限公司 ...

证券之星消息，2月4日小家电板块较上一交易日上涨0.89%，富佳股份领涨。当日上证指数报收于 4102.2，上涨0.85%。深证成指报收于14156.27，上涨0.21%。小家电板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603219 | 富佳股份 | 2920.89万 | 15.20% | -66.00万 | -0.34% | -2854.89万 | -14.85% | | 002242 九阳股份 | | 614.97万 | 6.96% | -180.45万 | -2.04% | -434.51万 | -4.92% | | 603355 | 莱克电气 | 443.34万 | 2.87% | 938.93万 | 6.08% | -1382.27万 | -8.95% | | 6610Z6 | 倍益康 | 327.41万 | 3.22% | -278.24万 | -2.73% | -49.15 ...

【#宝宝辅食锅宣传0塑料实为PP材质##辅食锅用数月仍有味原是塑料融化#】近日，消费者陈先生（化 名）在社交平台爆料，其购买的九阳宝宝电炖锅使用数月后仍有塑料味，拆解后发现内部塑料融化、外 壳碳化，质疑产品存在设计缺陷。该产品电商页面曾标注 "0塑料选材""安全炖煮无塑料味"，目前多数 旗舰店已下架此款。陈先生于2025年10月在 "九阳智能阳台旗舰店" 购入该辅食锅，初期塑料味未在意 2026年1月底发现焦糊味加重。拆解后发现，铝制发热体直接贴外壳、无隔热层，一侧外壳烧焦碳化、 内壁发黄渗油。他认为，发热体与塑料外壳无隔热结构，是明显设计缺陷，且并非个例，不少用户反馈 同款问题。陈先生向店铺客服反馈，起初遭拒退货，要求送网点检测，厂商未主动说明。仅某一家社交 平台官方账号曾索要联系方式，他未提供并要求全网下架，未获回复。不过，部分网友反馈同款问题后 已成功退货退款，也有用户被要求送线下检测。针对气味质疑，陈先生解释，气体可通过排气孔扩散入 锅，核心问题是塑料与高温发热体未做隔热。他总结，问题源于温度传感器位置不合理、缺少隔热材 料，导致高温融化塑料。实测显示，温控器位于内胆低温区，空烧 10 分钟未触发断电 ...

近日，贵州省市场监督管理局网站公布2025年流通领域电源适配器等29种产品质量监督抽查结果。其中，电磁灶产品质量监督抽查情况为：共抽查17家销 售者销售的32批次产品。经检验，未发现不合格产品。 | | 序号 样品名称 | | 销售者 | | 标称生产企业/上级供货商 | | | 生产日期 | | | 不合格项目 | 不合格项目 | 备注 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 名称 | 所在地 | 标标间标 | 名称 | 所在地 | 规格型号 | | 检验项目 或批号 | 检验结果 | 实测值 | 标准值 | | | | | | | | | | | | 对触及带电部件的防护、输入功率和电流、发热、工作温度 下的泄漏电流和电气强度、耐潮湿、泄漏电流和电气强度、 | | | | | | | | 兴义市怡明电 | 贵州省黔西南布依族由 | | 广东美的生活 | 广东省佛山市 | MC- | | 非正常工作(不包括第19.11.4条试验)、稳定性和机械危险 | | | ...

Group 1 - The kitchen small appliance market is experiencing a decline in revenue, with companies facing growth pressures and transformation challenges in Q3 2025 [2][3] - Supor reported Q3 revenue of 5.42 billion yuan, a year-on-year decrease of 2.30%, and a net profit of 426 million yuan, down 13.42% [3] - Aishida's Q3 revenue was 684 million yuan, down 16.98%, with a net loss of 62 million yuan, a staggering decline of 1284.20% [3] - Joyoung's Q3 revenue reached 1.598 billion yuan, down 10.99%, but its net profit increased by 101.11% to 854,600 yuan [3] Group 2 - The quality stability of kitchen small appliances has become a critical issue, with frequent reports of product failures affecting consumer trust [3] - Companies are urged to enhance quality management from the source and strengthen control over the downstream production chain to ensure high-quality output [3][4] - The market is shifting towards higher-priced products, with a 17.3% decline in online retail sales during the 2025 Double Eleven period, while the overall average price increased by 6.4% [5] - There remains a strong demand for high-quality, high-performance products, indicating potential for market upgrade [5] - Companies should focus on product quality control, optimize functionality and user experience, and drive structural growth through differentiated innovation [5]

Market Performance - The small home appliance sector increased by 0.65% on January 23, with ST Dehao leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Stock Performance - ST Dehao (002005) closed at 3.14, up 5.02% with a trading volume of 347,600 shares and a transaction value of 108 million yuan [1] - Other notable performers include: - Beiyikang (6610Z6) at 46.52, up 2.65% [1] - Kaineng Health (300272) at 7.98, up 2.31% [1] - Dechang Co. (605555) at 19.16, up 2.30% [1] - Joyoung (002242) at 10.90, up 1.68% [1] Capital Flow - The small home appliance sector experienced a net outflow of 45.04 million yuan from institutional investors, while retail investors saw a net inflow of 82.44 million yuan [2] - The overall capital flow indicates a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Lek Electric (603355) had a net inflow of 23.46 million yuan from institutional investors but a net outflow of 10.31 million yuan from retail investors [3] - ST Dehao (002005) saw a net inflow of 19.80 million yuan from institutional investors, with retail investors also showing a net outflow [3] - Other stocks like Dechang Co. (605555) and Kaineng Health (300272) also reflected similar trends in capital flow [3]

Group 1 - The article discusses the decline in popularity of the soybean milk machine, which was once a household staple in China, and how it has seemingly vanished from public discourse [1][2] - The soybean milk machine was invented by Wang Xuning in 1994, simplifying the traditional process of making soybean milk, but it initially struggled to gain traction due to high costs and the low price of ready-made soybean milk [5][6][7] - The turning point for the soybean milk machine came in 2008 after the melamine scandal, leading to a surge in sales as consumers sought safer alternatives, resulting in over 10 million units sold that year [9][13][15] Group 2 - Despite its initial success, the soybean milk machine faced challenges due to its cumbersome cleaning process, leading to many users abandoning it after a few uses [19][22] - Sales began to decline after 2010, with revenue from the soybean milk machine dropping from 4.04 billion to 3.15 billion yuan between 2010 and 2017, indicating a significant downturn [24] - The emergence of the high-speed blender, or "破壁机," provided a new opportunity for the company, which adapted the product to include heating capabilities, thus combining the functions of both machines [25][32][34] Group 3 - The high-speed blender gained popularity due to its versatility and ability to produce smoother beverages, with market size doubling from 2.26 billion to 4.61 billion yuan in just one year [37] - However, the high-speed blender also faced issues such as excessive noise and cleaning difficulties, leading to a decline in its market size after an initial peak in 2018 [41][46] - The company has attempted to diversify its product offerings, including acquisitions and new product launches, but these efforts have largely failed to yield positive results [47][50]

Market Performance - The small home appliance sector increased by 0.5% compared to the previous trading day, with Lek Electric leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Individual Stock Performance - Lek Electric (603355) closed at 36.60, up 4.30%, with a trading volume of 52,700 shares and a transaction value of 190 million [1] - Other notable performers include: - Fuhua Co. (603219) at 18.15, up 2.60% [1] - Hongzhi Technology (920926) at 17.98, up 1.87% [1] - Liren Technology (001259) at 32.41, up 1.34% [1] - Xiaoneng Electric (002959) at 45.18, up 1.21% [1] - Ecovacs (603486) at 83.39, up 1.01% [1] Capital Flow Analysis - The small home appliance sector experienced a net outflow of 29.33 million from institutional investors and 43.37 million from retail investors, while retail investors saw a net inflow of 72.71 million [2] - Notable capital flows for specific stocks include: - Stone Technology (688169) had a net inflow of 24.03 million from institutional investors [3] - Lek Electric (603355) saw a net inflow of 19.94 million from institutional investors [3] - Fuhua Co. (603219) had a net inflow of 11.04 million from institutional investors [3]

Market Overview - The small home appliance sector experienced a decline of 0.94% on January 20, with Lek Electric leading the drop [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Stock Performance - Notable gainers in the small home appliance sector included: - Beiyikang (Code: 6610Z6) with a closing price of 46.45, up 4.74% and a trading volume of 34,000 shares, totaling 154 million yuan [1] - ST Dehao (Code: 002005) closed at 3.13, up 3.64% with a trading volume of 303,400 shares, totaling approximately 93.59 million yuan [1] - Major decliners included: - Lek Electric (Code: 603355) closed at 35.09, down 2.91% with a trading volume of 52,800 shares, totaling 186 million yuan [2] - Stone Technology (Code: 688169) closed at 152.33, down 2.60% with a trading volume of 52,700 shares, totaling 812 million yuan [2] Capital Flow - The small home appliance sector saw a net outflow of 140 million yuan from institutional investors, while retail investors experienced a net inflow of 56.31 million yuan [2] - Key stocks in terms of capital flow included: - Aikan Health (Code: 300272) with a net inflow of 17.69 million yuan from institutional investors, but a net outflow of 34.55 million yuan from retail investors [3] - Biyi Co. (Code: 603215) had a net inflow of 14.55 million yuan from institutional investors, with a net outflow of 29.66 million yuan from retail investors [3]