家用电器行业25W1周度研究：微信送礼灰度测试，礼赠属性+线上化率提升迎新机遇

Investment Rating - The industry rating is maintained as "Outperform" [5] Core Insights - The report highlights the introduction of the gift-giving feature in WeChat Mini Stores, which is expected to enhance the sales of low-ticket items with strong gifting attributes, particularly in the small appliance category [3][23] - The WeChat Mini Store has simplified the merchant onboarding process and reduced entry barriers, which is anticipated to attract more merchants and increase the online penetration rate in the home appliance sector [3][23] - The report emphasizes the positive impact of government policies promoting the replacement of old appliances, which is expected to stimulate demand in the air conditioning sector [4][23] Summary by Sections WeChat Gift-Giving Feature - The WeChat Mini Store has launched a gift-giving function, allowing users to purchase items and send them as gifts via WeChat [3][15] - The feature is designed to cater to products priced below 10,000 yuan, enhancing the appeal of low-cost items suitable for gifting [15][23] Merchant Performance in WeChat Mini Store - Major home appliance brands such as Supor, Xinbao, and Feike have successfully established stores on the WeChat platform, achieving sales of 89.3 thousand, 12.9 thousand, and 12.2 thousand units respectively [2][18] - The report identifies eight subcategories available for home appliances on WeChat Mini Store, including kitchen appliances, large appliances, and personal care products [2][18] Online Penetration and Cost Reduction - The report notes that the online penetration rate in the home appliance industry has stabilized over the past two years, with WeChat Mini Store's initiatives expected to create new opportunities for growth, especially in categories with lower online sales contributions [3][23] - Various incentives have been introduced to reduce operational costs for merchants, including a zero deposit trial operation for several appliance categories [24][25] Government Policy Impact - The report discusses the government's commitment to the "old-for-new" policy, which is expected to boost the air conditioning sector's performance in 2025 [4][23] - E-commerce platforms like JD.com and Vipshop have already initiated "national subsidy" activities to support this policy [4][23] Market Trends - The home appliance sector has shown resilience, with significant year-on-year growth in sales for air conditioners, refrigerators, and washing machines [46][61] - The report indicates that online sales for major appliance categories have seen substantial growth, with air conditioners and refrigerators achieving year-on-year increases of 28.7% and 2.3% respectively [46][61]