Core Insights - The report highlights the competitive landscape of the refrigeration equipment industry, emphasizing the advantages held by developed countries in brand establishment and channel operations, while emerging economies like China leverage cost advantages and supply chain efficiencies to participate in the global market [5][6]. Industry Analysis - The refrigeration equipment manufacturing sector in China has seen significant advancements, with local manufacturers enhancing their technological capabilities through innovation and collaboration, leading to the production of high-efficiency, low-energy, and environmentally friendly products [6]. - Major players in the ice machine sector include global leaders such as Manitowoc, Hoshizaki, and Scotsman, alongside Chinese manufacturers like Xinbao and Xue Ren Group [7]. - In the refrigerator and freezer market, leading companies include Midea Group, Haier Smart Home, and TCL Smart Home, with Midea being a global technology group with a strong presence in the refrigeration sector [8]. Competitive Landscape - The report provides a detailed overview of key companies in the ice machine sector, including: - Manitowoc, established in 1902, is a leading manufacturer of commercial ice machines and was acquired by Pentair in 2022 [7]. - Hoshizaki, founded in 1947, is Japan's largest ice machine manufacturer and a global leader in the commercial ice machine market [7]. - Scotsman, part of the Italian ALI Group, is also a major player in the commercial ice machine sector [7]. - In the refrigerator and freezer market, notable companies include: - Midea Group, founded in 1968, has become a leading global technology group in the refrigeration industry [8]. - Haier Smart Home, established in 1984, focuses on smart home appliances and has maintained a leading market share in the global refrigerator sector [8]. - TCL Smart Home, a major ODM manufacturer, has consistently ranked first in China's refrigerator export volume from 2009 to 2023 [8]. Market Trends - The report indicates a growing trend of Chinese refrigeration equipment manufacturers expanding their market share through overseas market penetration, driven by improved product performance and quality [6]. - The competitive dynamics in the refrigeration equipment industry are shaped by the technological advancements and brand investments made by domestic manufacturers, which are increasingly capable of meeting both domestic and international market demands [6].

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [6][7][14]. Core Views - The home appliance industry is experiencing pressure on both domestic and international sales due to high base effects, with October retail sales down 15% year-on-year. White goods and black goods are expected to see retail sales declines exceeding 20%, while small appliances are performing slightly better [2][3][19]. - In October, the total sales volume of air conditioners in China decreased by 20.1%, with domestic sales down 21.3% and exports down 19.0%. The pressure on production for December remains significant, although export production is expected to improve as the peak season approaches [4][45]. - The report highlights a 13.3% year-on-year decline in home appliance export value in October, with washing machines and vacuum cleaners showing stable performance. The export value of air conditioners fell by 29.3% [5][47]. Summary by Sections 1. Investment Recommendations - Recommended companies include Midea Group, Haier Smart Home, TCL Smart Home, Gree Electric, and Hisense Home Appliances for white goods; Hisense Visual for black goods; and Roborock, Bear Electric, and Ecovacs for small appliances [6][14][15]. 2. Market Performance - The home appliance sector achieved a relative return of +1.47% this week, while the broader market (CSI 300 Index) declined by 3.77% [60]. 3. Retail Demand Analysis - In October, retail sales of home appliances faced significant declines, with major categories like air conditioners, refrigerators, and washing machines experiencing drops of over 20% in retail value [3][20][19]. 4. Export Performance - The report notes a continued decline in home appliance exports, with a significant drop in air conditioner exports and stable performance in washing machines and vacuum cleaners [5][47]. 5. Production Insights - December air conditioner production is under pressure, with domestic production expected to decline by 22.6% year-on-year, while export production is projected to decrease by 8.2% [4][45]. 6. Key Data Tracking - The report tracks key data such as raw material prices, shipping indices, and real estate performance, indicating ongoing challenges in the market [60][62][76].

Core Viewpoint - TCL Smart Home announced on November 24 that as of September 30, 2025, the total number of common stock shareholders is 36,172 [2] Summary by Category - **Company Information** - TCL Smart Home has reported a total of 36,172 common stock shareholders as of September 30, 2025 [2] - **Investor Engagement** - The company responded to investor inquiries on its interactive platform regarding shareholder numbers [2]

Market Overview - The white goods sector experienced a decline of 0.18% on November 24, with TCL leading the drop [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Stock Performance - Notable gainers in the white goods sector included: - Aokema (600336) with a closing price of 7.81, up 5.11% and a trading volume of 373,900 shares, totaling 291 million yuan [1] - Deep Blue Technology (000016) closed at 5.15, up 2.39% with a trading volume of 275,500 shares [1] - Major decliners included: - Midea Group (000333) closed at 78.56, down 0.24% with a trading volume of 367,700 shares, totaling 2.903 billion yuan [1] - Gree Electric (000651) closed at 40.11, down 0.35% with a trading volume of 355,300 shares, totaling 1.427 billion yuan [1] Capital Flow - The white goods sector saw a net inflow of 423 million yuan from institutional investors, while retail investors experienced a net outflow of 271 million yuan [1] - Detailed capital flow for selected companies: - Midea Group had a net inflow of 34.3 million yuan from institutional investors, but a net outflow of 217 million yuan from retail investors [2] - Haier Smart Home (600690) recorded a net inflow of 42.8 million yuan from institutional investors and a net outflow of 72.9 million yuan from retail investors [2] - TCL Smart Home (002668) had a minor net inflow of 1.64 million yuan from institutional investors, with retail investors showing a net outflow of 1.06 million yuan [2]

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [6][7][14]. Core Views - The home appliance industry is experiencing pressure on both domestic and export sales due to high base effects, with October retail sales down 15% and exports down 13% [2][5][19]. - The small appliance segment is performing slightly better compared to larger appliances, with a smaller decline in sales [3][20]. - Air conditioning sales saw a significant drop of 20% in October, with production pressures continuing into December [4][45]. - Despite the challenges, leading companies in the industry are expected to maintain resilience and profitability due to ongoing cost reduction and efficiency improvements [14][15]. Summary by Sections 1. Investment Recommendations - Recommended companies include Midea Group, Haier Smart Home, TCL Smart Home, Gree Electric, and Hisense Home Appliances for white goods; Hisense Visual for black goods; and Roborock, Bear Electric, and Ecovacs for small appliances [6][14][15]. 2. Market Performance - In October, the retail sales of home appliances and audio-visual equipment fell by 14.6% year-on-year, while the overall retail sales in China grew by 2.9% [3][20]. - The report notes a relative performance of +1.47% for the home appliance sector compared to the broader market [5][60]. 3. Sales and Production Data - October saw a 20.1% year-on-year decline in total air conditioning sales, with domestic sales down 21.3% and exports down 19% [4][45]. - The report highlights that the export value of home appliances decreased by 13.3% in October, with washing machines and vacuum cleaners showing stable performance [5][47]. 4. Price Tracking - The report tracks raw material prices, noting a decrease in LME copper and aluminum prices by 1.4% and 2.2% respectively [60][62]. - The cold-rolled steel price increased by 1.9% week-on-week [62]. 5. Company Announcements and Industry Dynamics - The report includes updates on company management changes and highlights industry trends, such as the growth of the sweeping robot market led by Ecovacs [78][82].

Market Overview - The white goods sector increased by 0.54% on November 21, with Midea Group leading the gains [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Midea Group closed at 78.75, up 1.04% with a trading volume of 439,500 shares and a transaction value of 3.443 billion yuan [1] - Haier Smart Home closed at 27.02, up 0.86% with a trading volume of 528,300 shares and a transaction value of 1.427 billion yuan [1] - Gree Electric Appliances closed at 40.25, down 0.25% with a trading volume of 550,900 shares and a transaction value of 2.218 billion yuan [1] - Hisense Home Appliances closed at 26.04, down 0.80% with a trading volume of 99,600 shares and a transaction value of 261 million yuan [1] - TCL Smart Home closed at 10.50, down 1.04% with a trading volume of 143,300 shares and a transaction value of 152 million yuan [1] - Aucma closed at 7.43, down 1.33% with a trading volume of 213,100 shares and a transaction value of 159 million yuan [1] - Whirlpool closed at 9.83, down 3.06% with a trading volume of 29,200 shares and a transaction value of 29.104 million yuan [1] - Deep Kangjia A closed at 5.03, down 3.08% with a trading volume of 352,600 shares and a transaction value of 179 million yuan [1] - Changhong Meiling closed at 6.67, down 3.19% with a trading volume of 146,500 shares and a transaction value of 98.744 million yuan [1] - Snowman Electric closed at 13.25, down 5.49% with a trading volume of 39,300 shares and a transaction value of 53.1525 million yuan [1] Capital Flow - The white goods sector experienced a net outflow of 149 million yuan from institutional investors, while retail investors saw a net inflow of 4.7305 million yuan [1] - Haier Smart Home had a net inflow of 64.2082 million yuan from institutional investors, while it faced a net outflow of 92.977 million yuan from speculative funds [2] - Whirlpool had a net inflow of 578,200 yuan from institutional investors, with a net outflow of 1.4406 million yuan from retail investors [2] - Aucma experienced a net outflow of 179,900 yuan from institutional investors, while it had a net inflow of 6.4482 million yuan from speculative funds [2] - Gree Electric Appliances faced a net outflow of 1.36 million yuan from institutional investors, while retail investors had a net inflow of 7.08976 million yuan [2]

Market Overview - The white goods sector increased by 0.66% on November 20, with Hisense Home Appliances leading the gains [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Individual Stock Performance - Hisense Home Appliances (000921) closed at 26.25, up 1.35% with a trading volume of 73,200 shares and a turnover of 191 million yuan [1] - Haier Smart Home (600690) closed at 26.79, up 1.02% with a trading volume of 286,200 shares and a turnover of 769 million yuan [1] - Midea Group (000333) closed at 77.94, up 0.70% with a trading volume of 261,900 shares and a turnover of 2.05 billion yuan [1] - Gree Electric Appliances (000651) closed at 40.35, up 0.47% with a trading volume of 332,900 shares and a turnover of 1.35 billion yuan [1] - Whirlpool (600983) closed at 10.14, up 0.40% with a trading volume of 15,800 shares and a turnover of 1.6 million yuan [1] - Other notable performances include Changhong Meiling (000521) at 6.89, up 0.15%, and TCL Smart Home (002668) at 10.61, down 1.67% [1] Capital Flow Analysis - The white goods sector saw a net inflow of 22.28 million yuan from institutional investors and 33.49 million yuan from retail investors, while retail investors had a net outflow of 55.77 million yuan [1] - Midea Group experienced a net inflow of 47.03 million yuan from institutional investors, while retail investors had a net outflow of 4.07 million yuan [2] - Hisense Home Appliances had a net inflow of 17.62 million yuan from institutional investors, with a significant net outflow from retail investors of 15.98 million yuan [2] - Gree Electric Appliances and TCL Smart Home both faced net outflows from institutional investors, indicating a shift in investor sentiment [2]

Core Viewpoint - TCL Smart Home's stock experienced a decline of 1.67% on November 20, with a trading volume of 140 million yuan and a total market capitalization of 11.502 billion yuan [1] Group 1: Business Overview - The company's main business includes the research, production, and sales of household refrigerators, freezers, and washing machines [3] - TCL has maintained the highest export volume 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 accounted for 73.50% of total revenue, benefiting from the depreciation of the RMB [4] Group 2: Financial Performance - For the period from January to September 2025, TCL achieved a revenue of 14.346 billion yuan, representing a year-on-year growth of 2.87%, while the net profit attributable to shareholders was 977 million yuan, up 18.45% 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 has a presence in the cross-border e-commerce sector, although it currently represents a small portion of its business [2] - The average trading cost of the stock is 10.57 yuan, with the stock price approaching a resistance level of 10.73 yuan, indicating potential for upward movement if this level is surpassed [7]

Market Overview - The white goods sector increased by 0.11% on November 19, with Haier Smart Home leading the gains [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Individual Stock Performance - Haier Smart Home (600690) closed at 26.52, up 0.68% with a trading volume of 201,300 shares [1] - Hisense Home Appliances (000921) closed at 25.90, up 0.39% with a trading volume of 59,200 shares [1] - TCL Smart Home (002668) closed at 10.79, up 0.37% with a trading volume of 105,000 shares [1] - Gree Electric Appliances (000651) closed at 40.16, up 0.12% with a trading volume of 218,000 shares [1] - Midea Group (000333) closed at 77.40, unchanged with a trading volume of 214,400 shares [1] - Other notable performers include Changhong Meiling (000521) down 0.15% and Whirlpool (600983) down 0.79% [1] Capital Flow Analysis - The white goods sector saw a net inflow of 236 million yuan from institutional investors, while retail investors experienced a net inflow of 57.36 million yuan [1] - Notable net inflows from institutional investors include Midea Group with 21.11 million yuan and Gree Electric Appliances with 27.48 million yuan [2] - Conversely, retail investors showed significant outflows from Midea Group (-19.62 million yuan) and Gree Electric Appliances (-43.29 million yuan) [2]

Core Points - The company held its first extraordinary general meeting of shareholders in 2025 on November 18, 2025, at 15:30 [3] - The meeting was conducted both in-person and online, ensuring compliance with relevant laws and regulations [3][13] - A total of 162 shareholders attended the meeting, representing 493,928,319 shares, which is 48.0348% of the total voting shares [4] Meeting Attendance - Among the attendees, 2 shareholders voted in person, representing 465,128,065 shares (45.2339% of voting shares) [5] - 160 shareholders participated via online voting, representing 28,800,254 shares (2.8008% of voting shares) [6] - Small shareholders accounted for 28,800,354 shares, representing 2.8008% of the total voting shares [7][8] Proposal Review and Voting Results - The proposal to amend the company's articles of association was approved with 486,532,119 shares in favor, accounting for 98.5026% of the valid votes [11] - Among small shareholders, 21,404,154 shares supported the proposal, representing 74.3191% of their valid votes [11] - The proposal was classified as a special resolution and received more than two-thirds of the votes required for approval [12] Legal Verification - The meeting was witnessed by lawyers from Beijing Han Kun (Shenzhen) Law Firm, confirming that the meeting's procedures and voting were in accordance with legal requirements [13]