从新消费业绩看趋势与变化：家用电器

Investment Rating - The industry rating is "Outperform the Market" [6] Core Insights - The new consumption sector is witnessing strong performance from leading companies, with growth driven by product upgrades, channel expansion, and brand momentum [2][12] - Operational quality is becoming the core of differentiation in the new consumption landscape, as exemplified by Keep's successful restructuring and profitability improvements [2][12] - Leading companies are accelerating their business model upgrades, shifting from single product focus to IP matrix development, proprietary branding, and comprehensive operational capabilities [2][13] Summary by Sections New Consumption Performance - Multiple new consumption companies have reported annual results, indicating that high-growth sectors like trendy toys, gold jewelry, and brand e-commerce continue to benefit from product upgrades and channel expansion [2][12] - Keep reported a revenue of 1.637 billion yuan for 2025, marking its first annual adjusted profit, driven by the streamlining of low-margin businesses and improvements in supply chain efficiency [2][12] White Goods Production Tracking - In April 2026, the combined production of air conditioners, refrigerators, and washing machines decreased by 3.6% year-on-year, indicating a weak recovery phase with notable internal structural differentiation [3][14] - Air conditioner production showed a significant recovery in May and June, while refrigerator domestic sales are stabilizing and exports are recovering [3][14][17] Bosch Home Appliances Financial Tracking - Bosch Home Appliances reported a slight decline in revenue for the 2025 fiscal year, but achieved growth when adjusted for fixed exchange rates, highlighting resilience through structural optimization rather than total volume expansion [4][27] - The company continues to invest heavily in R&D and future-oriented projects, indicating a strategic shift towards high-end product offerings and channel capability enhancement [4][30]