Investment Rating - The report does not provide specific ratings for sub-industries such as white goods, black goods, small appliances, and kitchen appliances [3] Core Insights - The report highlights that Ninebot achieved a significant revenue increase in Q2 2025, with total revenue reaching 11.742 billion yuan, up 76.14%, and net profit increasing by 108.45% to 1.242 billion yuan [5] - The overall performance of the home appliance sector has been mixed, with the sector index declining by 1.87% in the week of July 28 to August 1, 2025, and a year-to-date performance of -0.04%, ranking 21st among Shenwan's primary industries [7][14] - The report emphasizes the potential recovery in the white goods sector due to government policies aimed at boosting consumer confidence and the ongoing recovery in the real estate market, which is expected to benefit major players like Midea, Haier, Gree, and Hisense [9][31] Summary by Sections Company Dynamics - Ninebot's Q2 2025 revenue reached 6.630 billion yuan, a 61.54% increase, with net profit at 0.786 billion yuan, up 70.77% [5] - Biyi plans to issue up to 5.6344 million shares to raise no more than 624 million yuan for the construction of a smart kitchen appliance project [6] - Hisense reported a total revenue of 49.340 billion yuan in H1 2025, a 1.44% increase, but a decline in Q2 revenue by 2.60% [6] Market Performance Review - The home appliance sector index decreased by 1.87% during the reporting week, with notable individual stock performances from Taotao Automotive and Rongtai Health, which have seen significant gains since the beginning of 2025 [14] - The real estate market showed a decline in transaction volume, with July 2025 seeing a 11.73% drop in transaction area to 7.1951 million square meters, while transaction units increased by 1.44% [21] Investment Recommendations - The report suggests focusing on the white goods sector, which is expected to benefit from government policies and a recovering real estate market, recommending stocks like Midea, Haier, Gree, and Hisense [31] - For the black goods sector, TCL is highlighted for its strong performance in high-end large-screen products and Mini LED TV shipments [31] - Ninebot is recommended for its strong R&D capabilities and growth potential in the service robot market [31]