穿透消费企业财报：内需激活与制造快乐，新逻辑的崛起

Core Viewpoint - The consumption sector in China has shown significant recovery in Q1 2023, driven by government policies aimed at boosting consumer spending, particularly through the "trade-in" program for old appliances and electronics [1][2][3]. Group 1: Consumption Data - In Q1 2023, the total retail sales of consumer goods reached 12.47 trillion yuan, a year-on-year increase of 4.6%, with March alone seeing a growth of 5.9% [1]. - Per capita consumption expenditure increased by 5.2% year-on-year, contributing 2.8 percentage points to GDP growth [1]. Group 2: Impact of Trade-in Policies - The trade-in policy has led to substantial sales increases, with 12 categories of home appliances seeing 47.47 million units traded in, and digital products like smartphones reaching 3.66 million units [3]. - Over 1.2 billion people have benefited from subsidies, driving sales exceeding 720 billion yuan [3]. Group 3: Company Performance - Major appliance companies like Haier, Midea, and Gree reported double-digit growth in revenue and profit, with Haier achieving 791.2 billion yuan in revenue (up 10%) and Midea reaching 1.284 trillion yuan (up 20.6%) [4][5]. - Smaller companies also showed strong performance, with Beiding's revenue growing by 33.41% to 213 million yuan [4]. Group 4: Emerging Consumption Trends - New consumption trends are emerging, including the popularity of trendy toys, cultural tourism, and the pet economy, driven by younger consumers [5][6]. - Companies in the trendy toy sector, such as Pop Mart, reported a revenue increase of 165% in Q1, with a 95% to 100% growth in the Chinese market [6]. Group 5: Future Outlook - The pet economy is also thriving, with companies like Guibao Pets achieving a revenue of 1.48 billion yuan, up 34.82% [7]. - The overall market for emotional value-driven products is expected to expand, supported by government policies and changing consumer preferences towards quality and experience [7][8].