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]

证券代码：002668 证券简称：TCL智家 公告编号：2025-045 广东 TCL 智慧家电股份有限公司 2025 年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示 1、本次股东大会不存在否决议案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、 会议召开情况 （一）召开时间：2025 年 11 月 18 日（星期二）15:30 （二）召开地点：广东省中山市南头镇南头大道中 59 号 2 楼 A1（公司会议室） （三）召开方式：现场结合网络 （四）召集人：广东 TCL 智慧家电股份有限公司（以下简称"公司"）董事 会 （五）主持人：董事长彭攀先生 （六）本次会议的召集、召开符合《中华人民共和国公司法》《上市公司股 东大会规则》《深圳证券交易所股票上市规则》等有关法律、行政法规、部门规 章、规范性文件和《公司章程》的有关规定。 二、 会议出席情况 （一）股东出席的总体情况 通过现场和网络投票的股东 162 人，代表股份 493,928,319 股，占上市公司 有表决权股份总数的 48.0348%。 其中 ...