Core Viewpoint - TCL Smart Home has filed a lawsuit against its subsidiary, Guangdong Oma Refrigerator Co., Ltd., seeking to invalidate certain provisions of the company's articles of association, which TCL believes restricts the legitimate rights of the controlling shareholder and is detrimental to the long-term development of Oma Refrigerator [1][5]. Group 1: Lawsuit Details - The lawsuit was submitted to the Zhongshan Second People's Court of Guangdong Province in June 2025 and has been accepted by the court [1][5]. - The specific provisions in question relate to the election and replacement of directors not representing employees, which require a special resolution when there is a change in the actual control of the listed company [1][5]. - The lawsuit does not involve any monetary claims and is currently in the preliminary stage, with no impact on the company's current or future profits [4][5]. Group 2: Parties Involved - The plaintiff in the case is TCL Smart Home, while the defendant is Guangdong Oma Refrigerator Co., Ltd. [6]. - The case is being handled by the Zhongshan Second People's Court of Guangdong Province [6].

Core Viewpoint - TCL Smart Home has shown a positive market performance with a 1.87% increase in stock price and a total market capitalization of 11.199 billion yuan as of August 1 [1] Group 1: Business Overview - The company specializes in the research, production, and sales of household appliances, primarily refrigerators, freezers, and washing machines, with revenue contributions of 84.49% from refrigerators and freezers, and 14.71% from washing machines [6] - As of March 31, the company reported a revenue of 4.6 billion yuan for Q1 2025, representing a year-on-year growth of 9.58%, and a net profit of 302 million yuan, up 33.98% year-on-year [6] - The company has a significant overseas revenue share of 73.50%, benefiting from the depreciation of the Chinese yuan [3] Group 2: Market Activity - The stock has seen a net inflow of 6.2869 million yuan today, with a total of 31.9 million yuan in net inflows for the industry, indicating a lack of clear trends in major funds [4][5] - The average trading cost of the stock is 10.76 yuan, with the current price near a support level of 10.15 yuan, suggesting potential volatility if the support level is breached [5] Group 3: Shareholder Information - As of March 31, the number of shareholders decreased by 1.48% to 37,200, while the average number of circulating shares per person increased by 1.50% to 29,145 shares [6] - 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 [7]

Group 1 - TCL Smart Home (002668) closed at 10.14 yuan on July 31, 2025, down 2.03% with a turnover rate of 1.36% and a trading volume of 147,500 hands, amounting to 1.50 billion yuan [1] - The latest quarterly report shows total revenue of 4.6 billion yuan, a year-on-year increase of 9.58%, and a net profit attributable to shareholders of 302 million yuan, up 33.98% year-on-year [1] - The company has a current ratio of 1.105, a quick ratio of 0.957, and a debt-to-asset ratio of 72.76% [1] Group 2 - TCL Smart Home has made investments in 7 companies and participated in 20 bidding projects, holding 61 patents and 20 administrative licenses [2]

Market Overview - The white goods sector increased by 0.94% on July 30, with Shenzhen Konka A leading the gains [1] - The Shanghai Composite Index closed at 3615.72, up 0.17%, while the Shenzhen Component Index closed at 11203.03, down 0.77% [1] Stock Performance - Shenzhen Konka A (000016) closed at 5.00, up 1.83% with a trading volume of 819,900 shares [1] - Hisense Home Appliances (000921) closed at 27.20, up 1.64% with a trading volume of 179,800 shares [1] - Midea Group (000333) closed at 72.11, up 1.22% with a trading volume of 411,300 shares [1] - TCL Smart Home (002668) closed at 10.35, up 0.98% with a trading volume of 148,100 shares [1] - Haier Smart Home (600690) closed at 25.58, up 0.67% with a trading volume of 313,400 shares [1] - Gree Electric Appliances (000651) closed at 46.37, up 0.54% with a trading volume of 320,200 shares [1] Capital Flow - The white goods sector saw a net inflow of 307 million yuan from institutional investors, while retail investors experienced a net outflow of 189 million yuan [1] - Midea Group had a net inflow of 14.5 million yuan from institutional investors, but retail investors had a net outflow of 82 million yuan [2] - Gree Electric Appliances experienced a net inflow of 68.42 million yuan from institutional investors, with retail investors also seeing a net outflow of 18.42 million yuan [2] - Haier Smart Home had a net inflow of 32.30 million yuan from institutional investors, while retail investors had a net outflow of 21.02 million yuan [2]

Core Insights - The white goods sector experienced a decline of 0.98% on July 29, with Changhong Meiling leading the drop [1] - The Shanghai Composite Index closed at 3609.71, up 0.33%, while the Shenzhen Component Index closed at 11289.41, up 0.64% [1] Company Performance - Hisense Home Appliances (000921) closed at 26.76, with a slight increase of 0.04% and a trading volume of 86,100 shares [1] - Deep Blue Technology (000016) closed at 4.91, down 0.61%, with a trading volume of 309,400 shares [1] - Whirlpool (600983) closed at 10.87, down 0.82%, with a trading volume of 36,600 shares [1] - Haier Smart Home (600690) closed at 25.41, down 0.94%, with a trading volume of 316,000 shares [1] - Midea Group (000333) closed at 71.24, down 0.97%, with a trading volume of 398,400 shares [1] - Gree Electric Appliances (000651) closed at 46.12, down 1.09%, with a trading volume of 427,600 shares [1] - TCL Smart Home (002668) closed at 10.25, down 1.16%, with a trading volume of 140,900 shares [1] - Xuqiqi Electric (001387) closed at 14.35, down 1.17%, with a trading volume of 45,700 shares [1] - Aucma (600336) closed at 7.09, down 1.25%, with a trading volume of 207,300 shares [1] - Changhong Meiling (000521) closed at 7.45, down 1.59%, with a trading volume of 161,200 shares [1] Capital Flow - The white goods sector saw a net outflow of 727 million yuan from institutional investors, while retail investors contributed a net inflow of 681 million yuan [1] - The table of capital flow indicates varying levels of net inflow and outflow among individual stocks, with Haier Smart Home experiencing a net inflow of 9.97 million yuan from institutional investors [2] - Changhong Meiling had the highest net outflow from institutional investors at 19.80 million yuan, indicating significant selling pressure [2]

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [4][5][12]. Core Views - The home appliance sector is expected to experience steady growth driven by government subsidies and a recovery in domestic demand, despite challenges in export markets due to tariffs [11][12][18]. - The second quarter saw a decline in the heavy holding ratio of home appliance stocks, with an increase in the black appliance sector's weight [3][11][22]. - The report highlights the positive impact of the third batch of 690 billion yuan in government subsidies on consumer demand for home appliances [2][20]. Summary by Sections 1. Investment Recommendations - Key recommendations include Midea Group, Gree Electric, Haier Smart Home, TCL Smart Home, and Hisense Home Appliances in the white goods sector [4][12]. - For kitchen appliances, Boss Electric is recommended, while for small appliances, Bear Electric, Roborock, and Ecovacs are highlighted [12][15]. 2. Market Tracking and Investment Insights - In August, air conditioner production decreased by 7%, with domestic sales entering a seasonal slowdown [1][17]. - The third batch of 690 billion yuan in government subsidies is expected to support strong domestic sales [2][20]. - The heavy holding ratio for home appliance stocks fell to 3.3%, with white goods seeing the largest decline [3][22]. 3. Key Data Tracking - The home appliance sector's relative performance was -1.65% this week compared to the broader market [29]. - Raw material prices showed an increase, with LME copper and aluminum prices rising by 1.2% and 2.3% respectively [32][36]. - Shipping prices have decreased, with the export shipping index for the West America route down by 6.44% [46]. 4. Company Announcements and Industry Dynamics - The report includes forecasts for key companies, indicating stable growth in domestic sales and a recovery in export orders [53][54]. - The overall market for home appliances is expected to benefit from the government's "old for new" policy, which has already led to significant sales increases [20][21].

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [4][5][58]. Core Insights - The home appliance sector is expected to benefit from the third batch of 690 billion yuan in national subsidies aimed at promoting consumption through old-for-new programs, which is anticipated to sustain robust demand growth [2][20]. - In August, air conditioner production saw a year-on-year decline of 7.1%, with domestic sales decreasing by 5.3% and exports down by 9.5%. This decline is attributed to the seasonal slowdown and increased inventory levels [1][17]. - The second quarter saw a decrease in the proportion of heavy holdings in home appliance stocks, with a notable increase in black electrical appliances, indicating a shift in investment focus [3][22]. Summary by Sections 1. Investment Recommendations - Key recommendations include Midea Group, Gree Electric, Haier Smart Home, TCL Smart Home, and Hisense Home Appliances in the white goods sector, and Boss Electric in kitchen appliances [3][12][15]. 2. Market Trends and Production Insights - August marked the beginning of the air conditioning off-season, leading to a production slowdown. Domestic production decreased by 5% while export production fell by 10% [1][17]. - The third batch of national subsidies is expected to provide a significant boost to domestic demand, with over 2.8 billion people applying for the old-for-new subsidies, resulting in sales exceeding 1.6 trillion yuan [2][20]. 3. Heavy Holdings and Market Performance - The proportion of heavy holdings in home appliance stocks decreased to 3.3% in Q2, with white goods seeing the largest decline. However, the sector remains overweight compared to the overall market [3][22]. - The home appliance sector experienced a relative loss of 1.65% this week compared to the broader market [30]. 4. Key Data Tracking - Raw material prices have shown an upward trend, with LME copper and aluminum prices increasing by 1.2% and 2.3% respectively [32]. - The shipping index for exports has decreased, with significant drops in rates for routes to the US West and East coasts [42]. 5. Company Earnings Forecasts - Earnings per share (EPS) forecasts for key companies include Midea Group at 5.62 yuan for 2025, Gree Electric at 6.34 yuan, and Haier Smart Home at 2.26 yuan [4][55].

Group 1 - The Ministry of Finance has allocated 300 billion yuan in special bonds to support the consumption upgrade policy, with 69 billion yuan recently distributed for the third batch [1][2] - The "old-for-new" policy has led to a significant increase in consumer activity, with 280 million people applying for subsidies, resulting in over 1.6 trillion yuan in sales [2][3] - Companies like Beiding Technology, TCL Smart Home, and Xiugang Glass have reported increased orders and revenue due to the positive impact of the policy [1][3] Group 2 - Beiding Technology reported a 34.05% increase in revenue to 432 million yuan and a 74.92% increase in net profit to 55.83 million yuan in the first half of 2025 [3] - TCL Smart Home emphasized its commitment to high-quality products, benefiting from the increased consumer demand driven by the policy [3] - Foton Motor expects to sell an additional 80,000 to 100,000 vehicles due to the "old-for-new" policy, projecting a net profit increase of 87.5% [3][4]

Core Viewpoint - The announcement details the judicial auction of shares held by a major shareholder of TCL Smart Home, indicating a significant change in shareholding structure without affecting the company's control or governance [3][4][8]. Group 1: Auction Details - The major shareholder, Wuhan Zhuxin Ruikang Technology Co., Ltd., had 35 million shares (3.23% of total shares) auctioned successfully from July 22 to July 23, 2025, with a total transaction amount of 320,309,220.00 yuan [3][5]. - The initial auction held from July 1 to July 2, 2025, was unsuccessful, leading to a second auction where all shares were sold [4][5]. Group 2: Shareholding Changes - Following the auction, Zhuxin Ruikang's shareholding will decrease to 22.5 million shares (2.08% of total shares), thus no longer qualifying as a major shareholder (holding over 5%) [3][6]. - The company will continue to monitor the situation regarding payment and transfer of shares, as the final outcome remains uncertain until all legal procedures are completed [3][8]. Group 3: Impact on Company Governance - The auction of shares will not lead to any change in the company's control or governance structure, as Zhuxin Ruikang is neither the controlling shareholder nor the largest shareholder [3][8]. - The company emphasizes that the auction results will not impact its ongoing operations or governance [8].

证券代码：002668 证券简称：TCL 智家 公告编号：2025-033 广东 TCL 智慧家电股份有限公司 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示 1、公司持股5%以上股东株信睿康持有的3,500万股公司股票（占公司总股本3.23%） 已于 2025 年 7 月 22 日 10 时至 2025 年 7 月 23 日期间全部拍卖成功，成交金额合计 320,309,220.00 元； 关于公司持股 5%以上股东部分股份司法拍卖进展 暨权益变动的提示性公告 信息披露义务人武汉株信睿康科技有限责任公司保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 2、本次拍卖事项后续涉及缴款、股权变更过户等环节，结果仍存在不确定性。公司 将持续关注该事项的进展，按照法律法规及时履行信息披露义务。若本次拍卖股份全部 完成过户，株信睿康持有公司股份为 2,250 万股，占公司总股本比例 2.08%，不再为公 司持股 5%以上股东； 3、株信睿康不是公司控股股东，亦不是公司第一大股东，其持有的公司股份司法拍 卖成功与否不会导致公司控制权发生变更，不会对公司治理结构及持续 ...