Core Viewpoint - Zhejiang Meida Industrial Co., Ltd. is actively responding to market changes by adjusting its business strategy and investing in the smart driving sector to create value for investors [1] Group 1: Investment and Strategic Moves - The company approved an investment of 110 million yuan in Magic View Intelligent Technology (Shanghai) Co., Ltd. to acquire a 4.8657% stake, marking its entry into the smart driving field [1] - This investment aims to capitalize on growth opportunities in the smart driving industry and enhance shareholder returns while maintaining core competitiveness in kitchen appliances [1] Group 2: Industry Trends - The smart driving sector is experiencing significant breakthroughs, with advancements in technology and policy support driving the industry towards commercialization [2] - Notable developments include the global launch of L4.5 autonomous driving technology and Huawei's deployment of smart driving systems in 1 million vehicles, indicating a shift towards large-scale commercial use [2] Group 3: International Expansion - Since entering the Southeast Asian market in 2009, the company has focused on promoting its innovative kitchen concepts globally, supported by 229 proprietary intellectual property rights [3] - The company plans to further expand its international market presence while adapting products to meet diverse consumer needs [3] Group 4: Business Performance - In the first half of 2025, the company achieved total revenue of approximately 212 million yuan and a net profit of about 12.28 million yuan, demonstrating resilience amid industry challenges [3] - The company continues to prioritize high-quality development, driven by market demand and technological innovation [3] Group 5: Product and Sales Strategy - The company offers a diverse product matrix, including integrated stoves, ovens, dishwashers, and water purification systems, aiming to create a comprehensive and healthy home environment [4] - It has established partnerships with major home improvement retailers and expanded its online sales channels through platforms like Tmall and JD.com [4] Group 6: Future Outlook - Looking ahead to the second half of 2025, the company will focus on core business areas, enhance product diversity, and deepen channel integration to promote sustainable high-quality development [5] - The company aims to solidify its internal capabilities and seize new opportunities during the industry's adjustment period [5]

Core Insights - The kitchen and bathroom appliance sector experienced a slight increase of 0.05% on October 10, with Aopu Technology 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] Sector Performance - Aopu Technology (603551) closed at 11.80, up 3.15% with a trading volume of 33,900 shares and a turnover of 39.71 million yuan [1] - Zhejiang Meida (002677) closed at 7.32, up 1.39% with a trading volume of 139,400 shares and a turnover of 102 million yuan [1] - Shuaixing Electric (605336) closed at 14.99, up 1.08% with a trading volume of 18,400 shares and a turnover of 27.51 million yuan [1] - Other notable performances include Vatti Corporation (002035) up 0.63%, and Boss Electric (002508) up 0.53% [1] Capital Flow Analysis - The kitchen and bathroom appliance sector saw a net outflow of 21.44 million yuan from institutional investors, while retail investors contributed a net inflow of 28.36 million yuan [1] - Aopu Technology experienced a net outflow of 730,000 yuan from institutional investors, while retail investors had a net inflow of 502,060 yuan [2] - Boss Electric (002508) had a net inflow of 8.037 million yuan from institutional investors, despite a net outflow of 974,930 yuan from speculative funds [2]

Core Viewpoint - The domestic home appliance market shows resilience in growth during the first half of 2025, driven by the "trade-in" policy, with retail sales of range hoods and gas stoves increasing by 11.8% and 10.1% year-on-year, respectively, while water heater sales only grew by 0.8% [1] Group 1: Market Performance - The overall revenue of nine listed kitchen and bathroom appliance companies in A-shares reached 15.063 billion yuan, a decrease of 7.9% compared to the same period in 2024 [1] - Six kitchen appliance companies reported total revenue of 8.299 billion yuan, with a net profit of 804 million yuan, reflecting declines of 13.2% and 35.9% year-on-year, respectively [2] - The integrated stove retail sales dropped by 27.6% year-on-year, and the domestic sales of air source heat pumps decreased by 22.3% [1] Group 2: Company Performance - Boss Electric ranked first in revenue with 4.608 billion yuan, while Wanhe Electric was the only company to achieve revenue growth of 7.1% [5] - Fire Star and Yitian Smart transitioned from profit to loss, with Fire Star's revenue plummeting by 46.3% [2][5] - Zhejiang Meida's revenue fell by 53.8%, significantly impacted by the downturn in the real estate market [5] Group 3: Cost and Profitability - The operating costs of kitchen and bathroom appliances generally decreased, with only Wanhe Electric's costs rising by 15.5% [5] - Boss Electric maintained the highest gross profit margin at 50.4%, while Yitian Smart's gross profit margin dropped to 14.1% [6][12] - Operating cash flow for Wanhe Electric reached 618 million yuan, while Yitian Smart experienced a cash outflow of 1.59 billion yuan [14] Group 4: Efficiency and Management - Boss Electric's accounts receivable turnover days were approximately 70 days, while Zhejiang Meida's was only 5 days, indicating faster cash recovery [16] - Fire Star's inventory turnover days were about 174 days, reflecting inefficiencies in inventory management [16] - Management expenses for Yitian Smart were the highest at 17.6%, while Wanhe Electric's management expenses were relatively low at 2.5% due to revenue growth [9]

Market Overview - The kitchen and bathroom appliance sector increased by 0.41% on September 30, with Yitian Smart leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Stock Performance - Yitian Smart (300911) closed at 54.12, up 3.09% with a trading volume of 56,500 shares and a turnover of 302 million yuan [1] - Other notable stocks include: - Mars (300894) at 12.79, up 1.11% [1] - Boss Electric (002508) at 19.08, up 0.90% [1] - Sunrise Oriental (603366) at 9.47, up 0.53% [1] - Shuaixing Electric (605336) at 15.05, up 0.07% [1] - Vatti (002035) at 6.23, down 0.48% [1] - Wanhe Electric (002543) at 12.11, down 0.66% [1] - Aopu Technology (603551) at 12.15, down 1.30% [1] - Zhejiang Meida (002677) at 7.32, down 3.05% [1] Capital Flow - The kitchen and bathroom appliance sector experienced a net outflow of 3.61 million yuan from institutional investors and 4.58 million yuan from speculative funds, while retail investors saw a net inflow of 8.19 million yuan [1] - Detailed capital flow for selected stocks includes: - Boss Electric: 6.35 million yuan net inflow from institutions, but 6.86 million yuan net outflow from retail [2] - Sunrise Oriental: 4.75 million yuan net inflow from institutions, with net outflows from both speculative and retail investors [2] - Yitian Smart: 0.51 million yuan net outflow from institutions, but 6.82 million yuan net inflow from speculative funds [2] - Wanhe Electric: 6.17 million yuan net outflow from institutions, with a significant 11.69 million yuan net inflow from retail [2] - Zhejiang Meida: 7.90 million yuan net outflow from institutions, but 11.61 million yuan net inflow from retail [2]

Group 1 - The company Zhejiang Meida (002677) reported that as of September 19, 2025, the number of shareholders is 61,728 [1]

证券日报网讯浙江美大（002677）9月24日在互动平台回答投资者提问时表示，截至2025年9月19日，公 司的股东人数为61，728户。 ...

Market Overview - The kitchen and bathroom appliance sector experienced a decline of 1.25% on September 24, with Zhejiang Meida leading the drop [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Stock Performance - Notable stock performances in the kitchen and bathroom appliance sector include: - Shuaixing Electric (605336) closed at 15.02, up 2.18% with a trading volume of 20,000 shares and a turnover of 29.78 million yuan - Yitian Intelligent (300911) closed at 58.25, up 1.48% with a trading volume of 40,700 shares and a turnover of 23.5 million yuan - Huoxingren (300894) closed at 12.97, up 1.33% with a trading volume of 37,500 shares and a turnover of 48.39 million yuan - Zhejiang Meida (002677) closed at 7.67, down 2.29% with a trading volume of 270,800 shares and a turnover of 211 million yuan [1] Capital Flow - The kitchen and bathroom appliance sector saw a net outflow of 15.24 million yuan from main funds, while retail funds experienced a net inflow of 6.65 million yuan [1] - Detailed capital flow for specific stocks includes: - Yitian Intelligent (300911) had a main fund net inflow of 6.48 million yuan, but retail funds saw a net outflow of 4.20 million yuan - Wanhe Electric (002543) had a main fund net inflow of 0.70 million yuan, with retail funds seeing a net outflow of 6.76 million yuan - Huoxingren (300894) experienced a main fund net outflow of 0.30 million yuan, while retail funds had a net inflow of 2.45 million yuan - Zhejiang Meida (002677) had a main fund net outflow of 0.78 million yuan, with retail funds seeing a net inflow of 3.92 million yuan [2]

Investment Rating - The report indicates a positive investment outlook for the home appliance sector, with the sector outperforming the Shanghai and Shenzhen 300 Index by rising 1.6% while the index fell by 0.4% [2][3]. Core Insights - The report highlights the joint issuance of policies by nine departments aimed at expanding service consumption, which includes 19 specific measures to promote service consumption [9][63]. - The Federal Reserve's decision to cut interest rates by 25 basis points is expected to provide greater operational space for China's monetary policy, potentially alleviating depreciation pressure on the RMB [10]. - The report notes a rise in average prices for major home appliances, with air conditioners, refrigerators, and washing machines showing varying trends in sales volume and revenue [29][31][33][35]. Summary by Sections Industry Dynamics - The joint policy measures aim to enhance service consumption through promotional activities and improved access to cultural and recreational venues [9][63]. - The Federal Reserve's interest rate cut signals potential further reductions, which could impact foreign investment flows into RMB assets [10]. Data Observations - In August, the average retail price of air conditioners increased by 0.32% year-on-year, with retail volume up by 2.2% and retail revenue up by 2.9% [29]. - Refrigerator sales volume decreased by 0.4% year-on-year, but revenue increased by 3.8%, with the average price rising by 2.4% to 6438 RMB [31]. - Washing machine sales volume and revenue both declined by 0.4% and 7.4% respectively, while the average price increased by 5.5% to 4364 RMB [33]. Investment Highlights - The report identifies three main investment themes: 1. White goods sector benefiting from favorable real estate policies and potential for price and volume growth [29]. 2. Export opportunities driven by large customer orders and stable profitability for companies like Ousheng Electric and Dechang Shares [29]. 3. Core components demand exceeding expectations due to the white goods sector's performance, recommending companies like Huaxiang and Shun'an Environment for their competitive advantages [29].

Market Overview - On September 19, the kitchen and bathroom appliance sector declined by 0.11% compared to the previous trading day, with Zhejiang Meida leading the decline [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Key stocks in the kitchen and bathroom appliance sector showed mixed performance, with Boss Electric rising by 0.87% to a closing price of 19.69, while Zhejiang Meida fell by 3.55% to 7.60 [1] - The trading volume and turnover for Boss Electric were 95,400 shares and 186 million yuan, respectively [1] Capital Flow - The kitchen and bathroom appliance sector experienced a net outflow of 41.39 million yuan from institutional investors, while retail investors saw a net inflow of 45.43 million yuan [1] - Detailed capital flow data indicates that stocks like Boss Electric and Vatti experienced varying levels of net inflow and outflow from different investor categories [2]

证券日报网讯浙江美大9月18日在互动平台回答投资者提问时表示，公司基于对智能驾驶行业发展前景 的看好，投资魔视智能科技公司汽车智驾项目，借助智能科技领域的发展，实现股东更大的投资回报。 魔视智能是一家专注于自动驾驶与高级辅助驾驶技术研发与量产的创新科技公司，在乘用车及商用车量 产市场占据重要地位，目前公司业务稳健发展。 （文章来源：证券日报） ...