Core Viewpoint - The announcement details the progress of a judicial auction involving 35 million shares held by a major shareholder, Wuhan Zhuxin Ruikang Technology Co., Ltd., which ended in failure as all shares went unsold [1][2][3]. Group 1: Auction Details - The auction was conducted with a starting price of 34.265 million yuan, calculated based on the average closing price over the previous 20 trading days multiplied by the number of shares [2]. - The auction results indicated that all shares were "unsold, no bids placed," confirming a complete failure of the auction [2][3]. - The company will continue to monitor the situation and fulfill its information disclosure obligations as required by law [1][3]. Group 2: Shareholder Information - As of the announcement date, Zhuxin Ruikang holds a total of 57.5 million shares in the company, representing 60.87% of the shares being auctioned and 3.23% of the company's total share capital [2][3]. - The company reassured that the failure of the auction will not lead to any changes in control or governance structure [1][3]. Group 3: Future Implications - If the shares are auctioned again, the starting price will be set at 80% of the initial auction price, indicating potential for future sales [3]. - The company emphasizes that the outcome of the auction will not impact its ongoing operations or governance [1][3].

证券代码：002668 证券简称：TCL 智家 公告编号：2025-030 广东 TCL 智慧家电股份有限公司 关于持股 5%以上股东部分股份 被司法拍卖的进展公告 本公司股东武汉株信睿康科技有限责任公司保证本公告内容真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告的内容与股东武汉株信睿康科技有限责 任公司提供的信息一致。 特别提示 1、公司持股 5%以上股东株信睿康持有的 3,500 万股公司股票已于 2025 年 7 月 1 日 10 时至 2025 年 7 月 2 日 10 时被深圳中院以起拍价 34,265 万元（拍卖 日前 20 个交易日的收盘价均价乘以股票数）进行司法拍卖，并已全部流拍。 2、株信睿康所持有的 3,500 万股公司股票尚存在被第二次司法拍卖和后续 被处置的可能。若再次拍卖，后续可能仍涉及竞拍、流拍、缴款、股权变更过户 等环节，拍卖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。 一、本次司法拍卖竞价结果 根据京东网络司法拍卖平台的拍卖结果，本次司法拍卖所有标的结果均显示 "已流拍，无人出价"，本次司法拍卖流 ...

Core Insights - The article highlights the success story of Oma Refrigerator, a company that has become a leading player in the global refrigerator market, selling 14 million units annually and generating revenue of 18.3 billion yuan, while remaining relatively unknown compared to giants like Haier and Midea [1][9]. Group 1: Company Background - Oma Refrigerator was founded by Cai Shier, who left his position at Rongsheng Refrigerator to pursue opportunities in the challenging European market, recognizing that high barriers to entry could provide a competitive advantage [3][4]. - The company initially gained traction by securing a significant order from Whirlpool, which recognized the quality and cost-effectiveness of Oma's products compared to local competitors [4][6]. Group 2: Business Strategy - Oma's strategy focuses on extreme cost efficiency, producing refrigerators at a lower cost than competitors by optimizing production processes and reducing mold costs by 90% [6][7]. - The company employs a "20/80 rule," concentrating on producing 20% of popular models that meet local consumer preferences, allowing it to dominate market share in countries like the UK and France [6][9]. Group 3: Financial Performance - Despite a lower gross margin of 15% compared to Haier, Oma achieved a net profit growth rate of 29.58%, demonstrating the effectiveness of its low-cost, high-volume business model [7][9]. - During the 2008 global financial crisis, while competitors were cutting back, Oma capitalized on low raw material prices by stockpiling, leading to a significant increase in export volume [8][9]. Group 4: Recent Developments - In 2021, TCL acquired a 48% stake in Oma, allowing the company to leverage TCL's distribution channels while continuing to serve as an OEM for major brands [9][10]. - Oma's overseas revenue reached 13.5 billion yuan in 2024, accounting for 73.5% of total revenue, indicating a successful expansion strategy in international markets [9][10]. Group 5: Industry Insights - The story of Oma Refrigerator challenges conventional business wisdom, emphasizing that success does not always require high-profile marketing or celebrity endorsements; instead, focusing on product quality and cost efficiency can lead to significant achievements in the global market [10].

广东 TCL 智慧家电股份有限公司 关于调整东南亚生产基地建设方案暨项目进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：002668 证券简称：TCL智家 公告编号：2025-029 一、对外投资概述 1、原建设方案概况 广东 TCL 智慧家电股份有限公司（以下简称"公司"）于 2025 年 1 月 10 日 召开第六届董事会第五次会议，审议通过了《关于在东南亚投资新建生产基地的 议案》，同意公司或下属公司投资新建东南亚生产基地的计划，项目预计总投资 4.9 亿元，项目建设期 24 个月，预计新增冰箱产能 100 万-140 万台/年。本事项在 公司董事会审批权限内，无需提交公司股东大会审议。具体内容详见公司于 2025 年 1 月 11 日在巨潮资讯网披露的《关于在东南亚投资新建生产基地的公告》（公 告编号：2025-002）。 2、调整的主要内容 为进一步加速境外产能布局，加快拓展目标市场，加强公司抗风险能力，公 司决定调整东南亚生产基地建设方案，具体调整内容如下： | | 建设地点 | 实施主体 | 建设内容 | 建设期限 | | ...

证券代码：002668 证券简称：TCL 智家 公告编号：2025-028 广东 TCL 智慧家电股份有限公司 第六届董事会第八次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 广东 TCL 智慧家电股份有限公司（以下简称"公司"）第六届董事会第八 次会议于 2025 年 6 月 9 日（星期一）以通讯方式召开。会议通知已于 2025 年 6 月 6 日通过邮件方式送达各位董事。本次会议应出席董事 7 人，实际出席董事 7 人。 会议由董事长彭攀先生主持，监事及高级管理人员通过审阅会议资料的方式 列席会议。会议召开符合有关法律法规、规章和《公司章程》的规定。经各位董 事认真审议，会议形成了如下决议： 二、董事会会议审议情况 1、审议通过《关于调整东南亚生产基地建设方案的议案》 表决结果：7 票同意，0 票反对，0 票弃权。 具体内容详见公司同日于巨潮资讯网披露的《关于调整东南亚生产基地建 设方案暨项目进展的公告》（公告编号：2025-029）。 三、备查文件 1、公司第六届董事会第八次会议决议； 2、公司第六届董事会战略委 ...

Core Viewpoints - The home appliance industry is expected to outperform the market, driven by strong retail demand and favorable policies such as the old-for-new replacement program [6][14][18] - The online retail performance of major home appliance categories has accelerated since May, with air conditioners, refrigerators, and washing machines showing significant year-on-year growth [2][19] - The production of white goods in June saw a year-on-year increase of 7.3%, with air conditioner domestic sales experiencing a notable growth of 29.3% [3][37] Market Performance - The online retail sales of air conditioners, refrigerators, and washing machines increased by 25.4%, -3.5%, and 9.4% respectively in the first 21 weeks of 2025 compared to the same period in 2024 [2][19] - Offline retail sales maintained a growth rate of over 10%, indicating robust market demand [2][19] - The home appliance sector achieved a relative return of +1.65% in May, outperforming the Shanghai Composite Index [46] Production and Sales Data - In June, the total production of white goods reached 35.15 million units, with air conditioner production increasing by 11.5% year-on-year [3][37] - The production of air conditioners for domestic sales was 20.5 million units, reflecting a growth of 29.3% compared to the previous year [3][37] - The production of refrigerators and washing machines showed stable performance, with year-on-year growth of 3.6% and flat production respectively [3][37] Company Recommendations - Key companies recommended for investment include Midea Group, Gree Electric Appliances, Haier Smart Home, TCL Technology, and Hisense Home Appliances, all rated as outperforming the market [5][14][64] - In the small appliance sector, Stone Technology and Bear Electric are highlighted for their strong overseas growth and product expansion [14][17] - The kitchen appliance sector recommends Boss Electric, which is expected to maintain stable growth due to its strong market position [14][17]

证券代码：002668 证券简称：TCL 智家 公告编号：2025-027 广东 TCL 智慧家电股份有限公司 关于持股 5%以上股东部分股份被 司法裁定进行变价、拍卖、变卖的进展公告 本公司股东武汉株信睿康科技有限责任公司保证本公告内容真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告的内容与股东武汉株信睿康科技有限责 任公司提供的信息一致。 特别提示 1、公司于 2025 年 5 月 27 日获悉，公司持股 5%以上股东株信睿康持有的 35,000,000 股公司股票将于 2025 年 7 月 1 日 10 时至 2025 年 7 月 2 日 10 时被深 圳中院进行司法拍卖。 2、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 35,000,000 股股票被司法拍卖不会导致公司控制权发生变更，不会对公司治理结 构及持续经营产生影响。 本 次 拍 卖 的 详 细 情 况 详 见 深 圳 中 院 京 东 网 司 法 拍 卖 平 台 （https://paimai.jd.com/308612228）上公示的相关信息。 2、股东股份累计被拍卖的情况 年 7 月 ...

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [6] Core Insights - The home appliance sector is experiencing accelerated revenue growth, with a combined revenue growth rate of nearly 15% in Q1 2024. The white goods segment shows the best performance, benefiting from domestic subsidy policies and strong export demand [12][13] - The handheld smart imaging device industry, where the company operates, has a market size exceeding 40 billion, with a compound annual growth rate of 14.3% from 2017 to 2023, and is expected to surpass 40 billion in 2024 [2][33] - The company, Ying Shi Innovation, has become a leader in the global consumer-grade panoramic camera market with a market share of 67.2% in 2023, and is also among the top three in the action camera sector [1][40] Summary by Sections Investment Rating - The report rates the home appliance industry as "Outperform" [6] Company Overview - Ying Shi Innovation, established in 2015, focuses on the research, production, and sales of smart imaging devices, including consumer-grade panoramic cameras and action cameras. The company achieved a revenue of 55.7 billion in 2024, representing a year-on-year growth of 53.3% [1][18] - The company has a strong competitive advantage due to its advanced technology, product innovation, and comprehensive marketing system [3][42] Financial Performance - The company is projected to achieve a net profit of 9.9 billion in 2024, with a year-on-year increase of 19.9%, and a compound annual growth rate of 106.5% from 2017 to 2024 [1][18] - The revenue from consumer-grade imaging devices is expected to reach 47.9 billion in 2024, accounting for 86.6% of total revenue [20] Market Dynamics - The global handheld smart imaging device market has grown from 164.3 billion in 2017 to 364.7 billion in 2023, with a forecasted growth to over 400 billion in 2024 [2][33] - The market for action cameras reached 7.18 billion in 2022, while the global aerial drone market was valued at 4.85 billion [2][34] Competitive Landscape - The global consumer-grade panoramic camera market is concentrated, with Ying Shi Innovation holding a 67.2% market share, followed by Ricoh and GoPro [2][40] - In the professional-grade panoramic camera market, Ying Shi Innovation leads with a 61.4% market share [40] Strategic Initiatives - The company plans to expand its product range and enhance its marketing and channel coverage, particularly in new markets such as Europe [3][42] - The company has a diversified ownership structure, with a strong and experienced management team [28][31]

Financial Performance - In Q1 2025, the company achieved revenue of 4.6 billion CNY, a year-on-year increase of 9.58%, marking nine consecutive quarters of positive growth [2] - The net profit attributable to shareholders reached 302 million CNY, up 33.98% year-on-year, with 15 consecutive quarters of double-digit growth [2] - The net cash flow from operating activities was 578 million CNY, reflecting a year-on-year growth of 33.33% [2] Debt and Financial Health - As of March 31, 2025, the company's asset-liability ratio was 72.76%, a decrease of 3.45 percentage points from the end of 2024, indicating a stable financial condition [2] Production Capacity - The company's production capacity is primarily located in Zhongshan and Hefei, with a high utilization rate [3] - The annual production capacity of the subsidiary, Oma Refrigerator, is 2.8 million high-end refrigerators, with the first phase achieving 85% of its designed capacity [3] - A new investment of up to 153 million CNY for upgrading refrigerator and washing machine production capacity was completed in April 2025 [3] Global Strategy - The company aims to enhance its global presence by focusing on AI smart home appliances and expanding into emerging and mid-to-high-end markets [4] - Strategies include launching innovative products and increasing brand awareness through international exhibitions and sports marketing [4] Dividend Policy - The company currently has negative retained earnings and does not meet the profit distribution conditions as per the Company Law and Articles of Association [5] - Future dividends will be considered once the company meets the necessary conditions, with a commitment to return value to shareholders [5] Shareholder Relations - The decision not to repurchase shares from minority shareholders of Oma Refrigerator is based on maintaining current equity arrangements to incentivize management and achieve mutual benefits for all stakeholders [6]

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [4][6][57]. Core Views - The home appliance retail demand in China accelerated in April, with online and offline sales increasing approximately 20% year-on-year. The 618 shopping festival started earlier this year, extending the promotional period [1][18]. - The export value of home appliances in April slightly decreased by 2% due to the impact of U.S. tariffs, but categories like air conditioners and washing machines continued to show strong growth [2][22]. - The 618 shopping festival has simplified rules and started earlier, with major platforms like Tmall and JD.com adjusting their promotional strategies to enhance consumer engagement [3][33]. Summary by Sections Retail Demand Growth - In April, the online and offline retail sales of home appliances grew by 21.8% and 18.6% year-on-year, respectively. Cumulatively, from January to April, the growth was 9.1% and 14.8% [1][18]. - The growth in retail volume and price was significant, driven by national subsidy policies, with online and offline retail volumes increasing by 6.5% and 10.8% year-on-year in April [1][18]. Export Performance - The export value of home appliances in April saw a year-on-year decline of 1.7%, marking the first drop since the recovery began in 2023, primarily due to U.S. tariffs. However, the impact was relatively limited [2][22]. - Categories with lower reliance on U.S. markets, such as air conditioners and washing machines, experienced growth, with air conditioner exports increasing by 11.9% and washing machines by 9.6% [2][22]. 618 Shopping Festival - The 618 shopping festival commenced on May 13, with a longer promotional period and simplified rules. Tmall reintroduced pre-sale options, while JD.com added a new shopping season to enhance consumer participation [3][33]. - The promotional strategies focus on straightforward discounts, eliminating complex conditions to encourage consumer spending [3][33]. Key Company Recommendations - Recommended companies in the white goods sector include Gree Electric Appliances, Midea Group, Haier Smart Home, TCL, and Hisense. For kitchen appliances, Boss Electric is recommended, while for small appliances, Bear Electric, Roborock, and Xinbao are highlighted [4][14][57].