Market Overview - The kitchen and bathroom appliance sector experienced a decline of 1.46% on January 28, with "Rising Sun" leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Stock Performance - Key stocks in the kitchen and bathroom appliance sector showed varied performance, with "Zhejiang Meida" down 3.29% and "Rising Sun" down 3.81% [1] - "Boss Electric" closed at 20.09, down 0.10%, with a trading volume of 60,800 shares and a transaction value of 122 million [1] - "Mars Man" saw a decline of 2.10%, closing at 11.64, with a trading volume of 48,900 shares and a transaction value of 57.22 million [1] Capital Flow - The kitchen and bathroom appliance sector saw a net outflow of 132 million from main funds, while retail investors contributed a net inflow of 108 million [1] - "Rising Sun" experienced a significant net outflow of 899.64 million from main funds, but a net inflow of 894.40 million from retail investors [2] - "Mars Man" had a net outflow of 1,223.97 million from main funds, with a net inflow of 565.22 million from retail investors [2]

Core Viewpoint - The competition between Fotile and Boss Electric in the kitchen appliance sector is highlighted, with Fotile's revenue surpassing Boss Electric's by a significant margin, indicating a shift in market dynamics and strategies between the two companies [1][2][10]. Revenue Performance - Fotile reported a revenue of over 17 billion yuan in 2025, showing a slight increase compared to previous years, while Boss Electric's revenue for the same period is projected to be around 11.2 billion yuan, indicating that Fotile's revenue is 1.5 times that of Boss Electric [1][2][7]. - Boss Electric's revenue from 2019 to 2024 shows a gradual increase, but the first three quarters of 2024 saw a decline of 1.14% year-on-year, suggesting challenges in maintaining growth [2][6]. Market Share Insights - In the first half of 2025, Boss Electric held a market share of 31.2% for range hoods and 31.4% for gas stoves, while Fotile led the online market for range hoods with a 17.28% share, closely followed by Boss Electric at 17.27% [3][4]. - The overall market for integrated stoves has declined significantly, with Boss Electric's integrated stove revenue dropping by 45% year-on-year in the first half of 2025 [2][3]. Strategic Directions - Fotile is focusing on brand enhancement and high-end product offerings, aiming for a "professional, high-end, and boutique" strategy, while Boss Electric is adopting a channel-driven approach, targeting younger demographics and diversifying its product range [10][11][15]. - Both companies are navigating a challenging market environment, with Fotile emphasizing brand value and Boss Electric exploring new channels and product lines to attract consumers [12][16]. Future Outlook - The introduction of national subsidies in late 2024 is expected to provide temporary relief to the kitchen appliance market, but the long-term trend indicates continued challenges, especially with certain product categories excluded from future subsidies [7][8][9]. - The differing strategies of Fotile and Boss Electric will determine their ability to adapt and thrive in the evolving kitchen appliance landscape [17].

Group 1 - The kitchen and bathroom appliance sector experienced a decline of 1.42% on January 26, with Shuaifeng Electric leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] - Notable stock performances included Rising Sun Oriental with a gain of 5.30% and Shuaifeng Electric with a loss of 9.97% [1] Group 2 - The kitchen and bathroom appliance sector saw a net inflow of 72.895 million yuan from main funds, while retail investors experienced a net outflow of 51.9875 million yuan [1] - Main fund inflows and outflows for specific stocks showed that Rising Sun Oriental had a net inflow of 1.3 billion yuan, while Shuaifeng Electric had a significant outflow of 8.7112 million yuan [2] - The overall trading volume for the sector was highlighted, with Shuaifeng Electric's trading volume at 15,700 shares and a transaction amount of approximately 24.7965 million yuan [1]

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.

关于使用部分自有闲置资金进行投资理财的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 杭州老板电器股份有限公司（以下简称"公司"）分别于 2025 年 4 月 28 日、2025 年 5 月 19 日召开第六届董事会第十三次会议及第六届监事会第十二次 会议和 2024 年年度股东大会审议通过了《关于使用自有闲置资金进行投资理财 的议案》，同意公司使用自有闲置资金不超过 65 亿元人民币购买安全性高、流 动性好的理财产品，在额度内资金可以循环滚动使用。同时，授权公司管理层具 体实施上述投资理财，授权期限自 2024 年年度股东大会通过之日起至 2025 年年 度股东大会召开之日止。 具体内容详见 2025 年 4 月 29 日、2025 年 5 月 20 日刊登于《证券时报》、 《 中 国 证 券 报 》 、 《 证 券 日 报 》 、 《 上 海 证 券 报 》 及 巨 潮 资 讯 网 （http://www.cninfo.com.cn）上的《第六届董事会第十三次会议决议公告》（公 告编号 2025-003）、《第六届监事会第十二次会议决议公告》（公告编 ...

Group 1 - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) based on their daily and year-to-date performance as of January 22, 2026 [1][5] - The stock "奥特维" (code: 688516.SH) leads with a daily increase of 14.41% and a year-to-date increase of 65.73%, with a dividend yield of 3.21% [1][5] - Other notable performers include "九丰能源" (code: 605090.SH) with a daily increase of 5.95% and a year-to-date increase of 21.51%, and "中国海滩" (code: 600938.SH) with a daily increase of 4.12% and a year-to-date increase of 5.43% [1][5] Group 2 - The overall dividend yield for the index is reported at 4.76%, with a historical price-to-earnings (P/E) ratio of 11.75 times and an expected P/E ratio of 11.07 times [2] - The data indicates a positive trend in stock performance, with several companies showing significant year-to-date gains, suggesting a favorable investment environment [4][8]

Core Viewpoint - The restaurant industry is experiencing a tension between consumer demand for authentic cooking and operational pressures on restaurant operators, leading to a transformation in kitchen operations where AI and automation are becoming integral to managing efficiency and experience [3][22]. Group 1: Market Potential - The commercial kitchen market is substantial, with a projected revenue of 57,982 billion yuan by 2025, yet the penetration of smart technology is below 10% [5]. - The operational logic of commercial kitchens has traditionally relied on human experience, which becomes problematic as restaurants scale up, leading to challenges in consistency and rising labor costs [5][6]. Group 2: Technological Integration - Cooking robots are emerging as essential operational tools, addressing the most challenging aspects of kitchen standardization, such as timing and experience [6]. - Companies like Boss Electric are integrating AI into their long-term strategies for commercial kitchens, utilizing extensive cooking data to enhance kitchen management and operational efficiency [6][9]. Group 3: Strategic Positioning - Boss Electric's investment in Youte Smart Kitchen signifies a shift towards a comprehensive kitchen system rather than merely supplying equipment, aiming to create a cohesive operational framework [12][18]. - The focus of competition in the commercial kitchen sector is shifting from individual devices to system capabilities, emphasizing the need for a holistic approach to kitchen management [12][18]. Group 4: Future Implications - The evolution of commercial kitchens is driven by the need for efficiency and consumer expectations, with AI technology playing a crucial role in this transformation [22]. - As kitchens become more systematized and managed, those relying solely on traditional methods may find themselves increasingly outpaced by more innovative competitors [22][23].

Group 1 - The kitchen and bathroom appliance sector increased by 0.72% on January 22, with Boss Electric leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - Key stocks in the kitchen and bathroom appliance sector showed varied performance, with Boss Electric closing at 20.28, up 1.65%, and other notable stocks like Mars Man and Zhejiang Meida also showing positive gains [1] Group 2 - The net capital flow in the kitchen and bathroom appliance sector showed a net outflow of 10.65 million yuan from institutional investors and 21.11 million yuan from retail investors, while individual investors had a net inflow of 31.76 million yuan [1] - Specific stock performances indicated that Zhejiang Meida had a net inflow of 5.59 million yuan from institutional investors, while Boss Electric experienced a net outflow of 1.19 million yuan [2] - The overall capital flow dynamics suggest a mixed sentiment among different investor categories, with retail investors showing a preference for certain stocks despite the overall outflows from institutional and speculative investors [2]

Core Viewpoint - The kitchen and bathroom appliance sector experienced a slight increase of 0.08% on January 20, with Boss Electric leading the gains, while the overall market indices showed a decline [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4113.65, down 0.01% [1] - The Shenzhen Component Index closed at 14155.63, down 0.97% [1] - Boss Electric's stock price rose by 1.58% to 19.93, with a trading volume of 104,100 shares and a transaction value of 207 million yuan [1] Group 2: Individual Stock Performance - Mars Man's stock price increased by 0.98% to 12.35, with a trading volume of 82,500 shares and a transaction value of 102 million yuan [1] - Vatti Corporation's stock price rose by 0.48% to 6.31, with a trading volume of 97,100 shares and a transaction value of 61.22 million yuan [1] - Wanhe Electric's stock price increased by 0.39% to 10.37, with a trading volume of 73,900 shares and a transaction value of 76.60 million yuan [1] - Aupu Technology's stock price rose by 0.18% to 11.19, with a trading volume of 21,900 shares and a transaction value of 2.45 million yuan [1] - Sunrise Oriental's stock price decreased by 0.41% to 9.64, with a trading volume of 137,800 shares and a transaction value of 13.30 million yuan [1] - Shuaixing Electric's stock price fell by 0.55% to 18.21, with a trading volume of 57,800 shares and a transaction value of 107 million yuan [1] - Yitian Intelligent's stock price decreased by 0.69% to 36.21, with a trading volume of 22,000 shares and a transaction value of 80.17 million yuan [1] - Zhejiang Meida's stock price dropped by 4.66% to 9.21, with a trading volume of 188,300 shares and a transaction value of 176 million yuan [1] Group 3: Capital Flow - The kitchen and bathroom appliance sector saw a net outflow of 13.75 million yuan from institutional investors and 10.81 million yuan from retail investors, while individual investors contributed a net inflow of 24.56 million yuan [1] - Boss Electric had a net inflow of 16.53 million yuan from institutional investors, while retail investors experienced a net outflow of 3.64 million yuan [2] - Mars Man had a net inflow of 6.11 million yuan from institutional investors, with retail investors seeing a net outflow of 1.09 million yuan [2] - Shuaixing Electric had a net inflow of 4.32 million yuan from institutional investors, while retail investors had a net inflow of 5.26 million yuan [2] - Vatti Corporation had a net inflow of 1.49 million yuan from institutional investors, with retail investors seeing a net inflow of 0.36 million yuan [2] - Yitian Intelligent experienced a net outflow of 3.91 million yuan from institutional investors, while retail investors had a net inflow of 0.37 million yuan [2] - Aopu Technology had a net outflow of 4.30 million yuan from institutional investors, with retail investors seeing a net inflow of 1.71 million yuan [2] - Wanhe Electric had a net outflow of 7.97 million yuan from institutional investors, while retail investors had a net inflow of 7.84 million yuan [2] - Sunrise Oriental experienced a net outflow of 12.99 million yuan from institutional investors, with retail investors seeing a net inflow of 4.79 million yuan [2] - Zhejiang Meida had a net outflow of 13.03 million yuan from institutional investors, while retail investors had a net inflow of 15.44 million yuan [2]

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].