WONLY(SH:605268) Sou Hu Cai Jing·2025-08-26 09:46Group 1 - The Chinese smart lock industry is undergoing significant structural changes driven by policy incentives and consumer upgrades, reshaping the value system of smart lock products and promoting the development of home security systems [1] - The "old-for-new" policy has evolved from a mere subsidy measure to a key driver of industry development, with retail sales of smart locks reaching 9.07 million units in the first half of the year, a year-on-year increase of 1.2% [2] - The high-end market for smart locks, priced at 1500 yuan and above, accounted for 23.1% of total retail sales, reflecting a 2.8 percentage point increase from the previous year, while the retail volume and revenue in the 2000 yuan and above segment grew by over 40% [2][5] Group 2 - The subsidy policy has shifted industry competition from a "price war" to a "value war," with leading brands increasing R&D and marketing investments in high-end products and enhancing market share through value-added services [5] - Consumer preferences are shifting towards quality and technology, with over 60% of users willing to pay a premium of 500 yuan or more for AI smart locks, indicating a strong recognition of the "technology as a service" concept [6] - The "old-for-new" initiative has particularly resonated with families looking to upgrade their security, with many consumers recognizing the need for modern solutions through professional assessments [15] Group 3 - Leading companies like Wangli Security are integrating advanced technologies into their products, such as remote sensing unlocking and automatic locking features, enhancing user experience and safety [8][11] - Wangli's promotional activities, including significant discounts on high-end smart locks, have effectively driven sales growth and penetrated the grassroots market [11] - The ongoing transformation of the smart lock industry is expected to create a safer, smarter, and more interconnected home security ecosystem, driven by the dual forces of policy incentives and quality consumption upgrades [16]