Qian Zhan Wang·2025-11-24 06:10Core Insights - The Chinese whole-home smart industry is experiencing a growth trend in revenue, with a projected revenue of 211.85 billion in 2024, reflecting a growth rate of 10.6% [1] - The industry's sales gross margin shows a fluctuating trend, peaking at 34.8% in 2023 before declining to 33.5% in 2024 [2] - Inventory turnover rates are on a downward trend, decreasing from 5.14 times in 2020 to 4.64 times in 2024, attributed to changing consumer demands and rapid product updates [6] - Accounts receivable turnover rates have also shown a declining trend, from 17.53 times in 2020 to 15.23 times in 2024, indicating increasing management pressure [9] - The asset-liability ratio has fluctuated, decreasing to a low of 42.1% in 2022, then rising to 44.4% in the first half of 2025, reflecting dynamic adjustments in capital structure [11] Revenue Trends - The average revenue of representative companies in the Chinese whole-home smart industry is expected to grow significantly, reaching 211.85 billion in 2024, with a notable increase in the first half of 2025 at 116.69 billion [1] Profitability Analysis - The sales gross margin for the industry has shown volatility, starting at 33.9% in 2020, dropping to 32.2% in 2021, and then rising to 34.8% in 2023 before falling to 33.5% in 2024 [2] Inventory Management - The inventory turnover rate has decreased from 5.14 times in 2020 to 4.64 times in 2024, influenced by diverse consumer preferences and concerns over product depreciation [6] Accounts Receivable Management - The accounts receivable turnover rate has declined from 17.53 times in 2020 to 15.23 times in 2024, reflecting increased challenges in managing receivables [9] Capital Structure - The asset-liability ratio has shown a downward trend to 42.1% in 2022, followed by a rise to 44.4% in the first half of 2025, indicating changes in the industry's capital structure [11]