Core Viewpoint - TCL Smart Home has shown a positive market performance with a 1.25% increase in stock price, reaching a total market capitalization of 10.516 billion yuan [1] Business Overview - The company's main business includes the research, production, and sales of household refrigerators, freezers, and washing machines, with a significant export presence in over 130 countries, including those along the Belt and Road Initiative [3] - As of the 2024 annual report, overseas revenue accounts for 73.50% of total revenue, benefiting from the depreciation of the RMB [4] Financial Performance - For the first half of 2025, TCL Smart Home achieved operating revenue of 9.476 billion yuan, representing a year-on-year growth of 5.74%, and a net profit attributable to shareholders of 638 million yuan, up 14.15% year-on-year [8] Market Activity - The stock has seen a net inflow of 10.947 million yuan today, with a continuous increase in main funds over the past three days [5][6] - The average trading cost of the stock is 10.49 yuan, with the current price near a support level of 9.62 yuan [7] Shareholder Information - As of June 30, 2025, the number of shareholders is 37,000, a decrease of 0.54% from the previous period, with an average of 29,302 circulating shares per person, an increase of 0.54% [8] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with notable changes in their holdings [10]

Core Viewpoint - TCL Smart Home has shown a slight increase in stock price and has a market capitalization of 10.386 billion yuan, indicating stable performance in the market [1] Group 1: Business Overview - The main business of the company includes the research, production, and sales of household refrigerators, freezers, and washing machines [3] - The company has maintained the position of the largest exporter of refrigerators in China for 14 consecutive years, serving over 130 countries and regions, including those along the Belt and Road Initiative [3] - As of the 2024 annual report, overseas revenue accounts for 73.50% of total revenue, benefiting from the depreciation of the RMB [4] Group 2: Financial Performance - For the first half of 2025, TCL Smart Home achieved operating revenue of 9.476 billion yuan, a year-on-year increase of 5.74%, and a net profit attributable to shareholders of 638 million yuan, up 14.15% year-on-year [8] - The company has distributed a total of 224 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [9] Group 3: Market Activity - The stock experienced a net inflow of 3.4671 million yuan today, with a total market inflow of 142 million yuan over the past three days, indicating a mixed trend in main capital [5][6] - The average trading cost of the stock is 10.49 yuan, with the stock price approaching a resistance level of 9.62 yuan, suggesting potential for upward movement if the resistance is broken [7] Group 4: Shareholder Information - As of June 30, 2025, the number of shareholders is 37,000, a decrease of 0.54% from the previous period, with an average of 29,302 circulating shares per person, an increase of 0.54% [8] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 26.4271 million shares, a decrease of 8.5982 million shares from the previous period [10]

Core Viewpoint - TCL Smart Home (002668) acknowledges that its stock price is influenced by various factors including market conditions, macroeconomic environment, and investor expectations, leading to significant uncertainty [1] Group 1: Company Performance - The management has been actively working to enhance the company's operational quality and long-term investment value, resulting in steady growth in operating performance [1] - The company will continue to strengthen investor relations management and promote value enhancement in compliance with laws and regulations [1] Group 2: Business Focus - Currently, TCL Smart Home is focused on its core home appliance business and has no plans for any related robotics business initiatives [1]

Core Viewpoint - TCL Smart Home (002668) confirmed that its production and operations are normal and there is no undisclosed significant information [1] Group 1 - The company's stock price is influenced by various factors including capital market environment, macroeconomic conditions, and investor expectations, leading to significant uncertainty [1]

Core Insights - The white goods sector experienced a slight increase of 0.35% on October 10, with Whirlpool leading the gains [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Company Performance - Whirlpool (600983) closed at 10.45, up 2.25% with a trading volume of 36,800 lots and a transaction value of 38.186 million yuan [1] - TCL Smart Home (002668) closed at 9.81, up 1.34% with a trading volume of 160,700 lots and a transaction value of 157 million yuan [1] - Haier Smart Home (600690) closed at 25.66, up 0.86% with a trading volume of 570,100 lots and a transaction value of 146.7 million yuan [1] - Hisense Home Appliances (000921) closed at 25.92, up 0.74% with a trading volume of 150,300 lots and a transaction value of 391 million yuan [1] - Midea Group (000333) closed at 72.83, up 0.28% with a trading volume of 433,300 lots and a transaction value of 3.168 billion yuan [1] - Gree Electric Appliances (000651) closed at 40.41, up 0.07% with a trading volume of 609,600 lots and a transaction value of 2.470 billion yuan [1] Capital Flow - The white goods sector saw a net inflow of 238 million yuan from institutional investors, while retail investors experienced a net outflow of 104 million yuan [1] - Midea Group had a net inflow of 191 million yuan from institutional investors, while it faced a net outflow of 89.444 million yuan from retail investors [2] - Hisense Home Appliances recorded a net inflow of 31.2979 million yuan from institutional investors, with a net outflow of 27.4712 million yuan from retail investors [2] - Haier Smart Home had a net inflow of 15.373 million yuan from institutional investors, while retail investors saw a net outflow of 1.29868 million yuan [2]

Core Viewpoint - TCL Smart Home has shown a positive market performance with a 1.34% increase in stock price and a total market capitalization of 10.635 billion yuan as of October 10, 2023 [1] Group 1: Business Overview - The main business of the company includes the research, production, and sales of household refrigerators, freezers, and washing machines [3] - The company has maintained the position of the largest exporter of refrigerators in China for 14 consecutive years, serving over 130 countries and regions, including those along the Belt and Road Initiative [3] - As of the 2024 annual report, overseas revenue accounts for 73.50% of total revenue, benefiting from the depreciation of the RMB [4] Group 2: Financial Performance - For the first half of 2025, TCL Smart Home achieved operating revenue of 9.476 billion yuan, representing a year-on-year growth of 5.74%, and a net profit attributable to shareholders of 638 million yuan, up 14.15% year-on-year [8] - The company has distributed a total of 224 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [9] Group 3: Market Dynamics - The company is involved in cross-border e-commerce, although this segment currently represents a small portion of its overall business [2] - The stock has seen a slight net inflow of 10.364 million yuan today, with a net inflow of 1.08 billion yuan in the industry, indicating a mixed trend in market interest [5][6] Group 4: Technical Analysis - The average trading cost of the stock is 10.53 yuan, with the current price near a support level of 9.62 yuan, suggesting potential for a rebound if this support holds [7]

Market Overview - The white goods sector increased by 0.44% on October 9, with Shenzhen Konka A leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Stock Performance - Shenzhen Konka A (000016) closed at 5.42, up 2.85% with a trading volume of 572,500 shares and a turnover of 311 million yuan [1] - Gree Electric (000651) closed at 40.38, up 1.66%, with a trading volume of 638,100 shares and a turnover of 2.543 billion yuan [1] - Other notable stocks include: - Aucma (600336) at 6.96, up 1.16% - Haier Smart Home (600690) at 25.44, up 0.43% - Midea Group (000333) at 72.63, down 0.04% [1] Capital Flow - The white goods sector experienced a net outflow of 427 million yuan from institutional investors and 165 million yuan from speculative funds, while retail investors saw a net inflow of 592 million yuan [1] - Detailed capital flow for key stocks includes: - Gree Electric: net outflow of 59.31 million yuan from institutional investors [2] - Hisense Home Appliances (000921): net inflow of 17.31 million yuan from institutional investors [2] - Aucma: net inflow of 16.23 million yuan from institutional investors [2] - Midea Group: significant net outflow of 443 million yuan from institutional investors [2]

Core Viewpoint - TCL Smart Home's stock experienced a decline of 0.71% on September 29, with a trading volume of 153 million yuan and a market capitalization of 10.548 billion yuan [1] Business Overview - The company's main business includes the research, production, and sales of household refrigerators, freezers, and washing machines [2] - As of June 30, the company's revenue composition is 84.92% from refrigerators and freezers, 14.37% from washing machines, and 0.72% from other sources [8] Export and International Presence - The company has maintained the highest export volume of refrigerators in China for 14 consecutive years, serving over 130 countries and regions, including those involved in the Belt and Road Initiative [3] - In 2024, overseas revenue accounted for 73.50% of total revenue, benefiting from the depreciation of the RMB [4] Technological Advancements - The company has made advancements in AI voice control and AI intelligent dual-frequency technology, enhancing the intelligence level of its products to meet customer demands [4] Financial Performance - For the first half of 2025, TCL Smart Home achieved a revenue of 9.476 billion yuan, representing a year-on-year growth of 5.74%, and a net profit attributable to shareholders of 638 million yuan, up 14.15% year-on-year [8] Shareholder and Market Activity - As of June 30, 2025, the number of shareholders decreased by 0.54% to 37,000, while the average circulating shares per person increased by 0.54% to 29,302 shares [8] - The stock has seen a net outflow of 23.6062 million yuan from major investors today, with a total of 1.88 billion yuan net outflow in the industry [5][6]

Core Viewpoint - TCL Smart Home's stock experienced a decline of 1.60% on September 25, with a trading volume of 97.81 million yuan and a total market capitalization of 10.678 billion yuan [1] Business Overview - The company's main business includes the research, production, and sales of household refrigerators, freezers, and washing machines [2] - As of June 30, 2025, the revenue composition is as follows: refrigerators and freezers account for 84.92%, washing machines for 14.37%, and other products for 0.72% [8] Export and International Presence - The company has maintained the position of the largest exporter of refrigerators in China for 14 consecutive years, serving over 130 countries and regions, including those involved in the Belt and Road Initiative [3] - In the 2024 annual report, overseas revenue accounted for 73.50% of total revenue, benefiting from the depreciation of the RMB [4] Technological Advancements - The company has made advancements in AI voice control and AI intelligent dual-frequency technology, enhancing the intelligence level of its products to meet customer demands [4] Financial Performance - For the first half of 2025, TCL Smart Home achieved a revenue of 9.476 billion yuan, representing a year-on-year growth of 5.74%, and a net profit attributable to shareholders of 638 million yuan, up 14.15% year-on-year [8] Shareholder Information - As of June 30, 2025, the number of shareholders is 37,000, a decrease of 0.54% from the previous period, with an average of 29,302 circulating shares per person, an increase of 0.54% [8] - The company has distributed a total of 224 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [9] Market Activity - The stock has seen a net outflow of 8.105 million yuan today, with a net inflow of -64.3 million yuan in the industry, indicating a lack of clear trends in major capital movements [5][6]

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [5][61]. Core Views - The home appliance sector shows resilience in domestic sales driven by promotional policies for high-end air conditioning units, while exports face challenges due to tariffs and market conditions [16][22]. - The overall performance of the home appliance industry is expected to stabilize as companies expand overseas sales channels and enhance brand influence [22][12]. Summary by Sections 1. Investment Recommendations - Key recommendations include major players such as Midea Group, Gree Electric Appliances, Haier Smart Home, TCL Smart, and Hisense Home Appliances for white goods; Boss Electric for kitchen appliances; and Bear Electric, Roborock, and Ecovacs for small appliances [4][12]. 2. Research Tracking and Investment Thoughts - August air conditioning production and sales exceeded expectations, with domestic sales up 1.2% and total production at 12.881 million units, a 9.4% increase year-on-year [17]. - Home appliance exports in August decreased by 6.2% year-on-year, with air conditioning exports down 23.7%, while refrigerator exports increased by 4.4% [19][22]. - The U.S. home appliance retail sales grew by 2.6% in August, despite rising inventory levels due to tariff concerns [33]. 3. Key Data Tracking - The home appliance sector achieved a relative return of +2.04% this week, outperforming the broader market [36]. - Raw material prices showed a slight decrease, with copper and aluminum prices down by 0.9% and 0.4% respectively [39]. - Shipping indices for routes to the U.S. West Coast and East Coast increased by 6.37% and 4.14% respectively, while the European route saw a decrease of 4.31% [46]. 4. Company Announcements and Industry Dynamics - Haier Smart Home plans to grant up to 4.05 million restricted shares to 149 employees, with performance targets set for revenue and net profit growth [54]. - The industry faces challenges in the post-subsidy era, requiring companies to adapt strategies to regional market conditions [57].