周专题：25Q3中国客厅智能设备线上销额同比增长，品类表现分化

Investment Rating - Industry rating: Recommended [5] Core Insights - In Q3 2025, online sales of smart devices in Chinese living rooms reached 22.59 billion yuan, a year-on-year increase of 3.4%, while total sales volume was 15.616 million units, a slight decline of 0.7% year-on-year. The decline in sales volume is attributed to the shortage of national subsidies and the previous policy's demand overdraw [12][14] - The performance of various product categories showed divergence, with smart projectors and smart TVs facing sales pressure, while mobile smart screens continued to grow rapidly in both sales volume and revenue. Smart locks maintained a trend of increasing volume and price, and the application of AI models in smart speakers drove significant revenue growth [12][14] Summary by Sections Smart Projectors - In Q3 2025, the online market sales of smart projectors were 1.02 billion yuan, down 9.9% year-on-year, with sales volume declining by 14.9%. DLP technology accounted for 27.3% of online sales volume, an increase of 5.0 percentage points year-on-year [14] Smart TVs - In Q3 2025, online market sales of smart TVs were 8.41 billion yuan, down 8.3% year-on-year, with sales volume decreasing by 15.8%. The shortage of national subsidies and previous demand overdraw contributed to this decline. Mini LED products gained a market share of 27.9%, up 11.3 percentage points year-on-year, with sales volume increasing by 61% [14] Mobile Smart Screens - In Q3 2025, online market sales of mobile smart screens reached 160 million yuan, a year-on-year increase of 31.7%, with sales volume up 29.5%. The trend of product structure upgrading continued, with leading brands focusing on 32-inch 4K high-end models, driving industry growth [14] Smart Locks - In Q3 2025, online market sales of smart locks were 1.34 billion yuan, up 19.0% year-on-year, with sales volume increasing by 15.4%. The market focused on cost-effectiveness, maintaining an average price below 1,000 yuan [14]