Core Viewpoint - The report indicates that leading brands in the home appliance sector are operating steadily, with short-term tariff disturbances expected to have diminishing effects, and performance exceeding expectations mainly in small appliances and cleaning devices [1]. Group 1: Market Performance - In Q2 2025, the home appliance sector's revenue and profit grew by 5.6% and 3.1% year-on-year, respectively, with a slight deceleration compared to Q1 [2]. - The white goods segment saw revenue and profit growth rates of 5.8% and 6.0%, with leading brands outperforming second and third-tier brands, indicating an increase in industry concentration [2]. - The cleaning appliance segment experienced significant revenue growth of 31.5%, while OEMs faced a profit decline of 23.8% due to tariff impacts [2]. - The black goods segment reported revenue growth of 1.4% but a profit decline of 16.5%, with brand companies experiencing slower volume growth but continuing to raise average prices [2]. - The kitchen appliance sector faced challenges, with revenue and profit growth rates of -5.5% and +1.1%, respectively, particularly for integrated stoves, which saw declines of 39.6% and 16.8% [2]. Group 2: International Expansion and New Business - The overseas revenue share of the home appliance sector reached 39.5% in H1 2025, an increase of 1.4 percentage points year-on-year, indicating a trend towards international expansion [3]. - Companies are actively exploring new business areas, with Bull pushing into data centers and solar lighting, and Yitian Smart focusing on liquid cooling and computing power [3]. - In the core coverage of 40 companies, six exceeded revenue expectations, while four surpassed profit expectations, particularly in small appliances and cleaning devices [3]. Group 3: Investment Recommendations - The report suggests focusing on four main investment lines: 1) core drivers of international expansion and smart home key targets; 2) stable performance with upward elasticity; 3) leading companies with robust operations and high dividends; 4) home appliance companies diversifying into new growth areas [4].

龙头品牌经营稳健，关税扰动效应递减 [Table_Industry] 家用电器业 本报告导读： Q2 龙头品牌经营稳健，关税短期扰动，后续影响效应递减，业绩超预期主要集中在 小家电和清洁电器。增持。 投资要点： 请务必阅读正文之后的免责条款部分 [Table_Report] 相关报告 家用电器业《多公司中报业绩亮眼，7 月家空产 销好于排产》2025.08.26 家用电器业《消费贷贴息助力刺激消费，影石发 布无人机》2025.08.20 家用电器业《家庭服务机器人开启机器人管家时 代》2025.08.11 家用电器业《割草机器人赛道迎来"奇点"时 刻》2025.08.04 家用电器业《8 月内销排产上修，关注冰箱能效 升级受益方向》2025.08.04 股 票 研 究 [Table_Invest] 评级： 增持 行 业 专 题 研 究 证 券 研 究 报 告 | 1. | 业绩综述：国补拉动效应持续，关税扰动边际递减 3 | | --- | --- | | 2. | 公司维度：企业表现逐步分化，龙头公司经营稳健 5 | | 3. | 投资建议 7 | | 4. | 风险提示 7 | [Table_Summar ...

Core Insights - The global smart home cleaning robot market is projected to ship 32.1 million units by 2025, representing a year-on-year growth of 28.2% [1] - The market is expected to achieve a five-year compound annual growth rate (CAGR) of 26% by 2028 [1]

Group 1 - IKEA China plans to invest 160 million yuan in the fiscal year 2026 to launch over 150 lower-priced products, with 70% focused on best-selling items [1] - Anhui Province Industrial Development Investment Company has been established with a registered capital of 5 billion yuan, focusing on investment activities and asset management [1] - The establishment of the Yu Cheng No.1 (Wenzhou) Equity Investment Center has been announced, with a total investment of approximately 1.24 billion yuan, aimed at venture capital and private equity investments [2] Group 2 - Xiaomi Auto has published a patent for a vehicle inspection method that aims to improve traffic efficiency and reduce congestion [3] - Stone Technology has achieved the top market share in both global cleaning robots and vacuum robots, with shares of 15.2% and 20.7% respectively for the first half of 2025 [4] - Jiangci Electronics has completed a pre-A round financing of several million yuan, with funds allocated for production expansion and commercialization in the high-end piezoelectric materials sector [5] Group 3 - Goldman Sachs expresses optimism about the Chinese stock market, indicating that investor sentiment has significantly improved and there is still room for growth [6] - Swiss bank Pictet states that the A-share market is far from bubble territory, with reasonable valuations and increased market activity, suggesting further upward potential [7] Group 4 - The Ministry of Finance plans a second issuance of 50-year special government bonds, with a total competitive bidding amount of 35 billion yuan and a fixed interest rate of 2.10% [8] - Chongqing has allocated an additional 135 million yuan for the 2025 vehicle and electric bicycle trade-in subsidy program, with specific allocations for vehicle scrapping and replacement [9] - India's service sector PMI reached a 15-year high in August, driven by strong demand, although inflationary pressures are also increasing [10]

Core Insights - The global smart home cleaning robot market is projected to reach 15.352 million units in the first half of 2025, representing a year-on-year growth of 33% [1] - The total annual shipment is expected to reach 32.1 million units, with a compound annual growth rate (CAGR) of 26% from 2025 to 2028 [1] Market Share and Competition - Robotic vacuum cleaners accounted for 11.263 million units, showing a year-on-year increase of 16.5%, capturing 73.4% of the overall market share [1] - The concentration of the industry has increased, with the top five manufacturers holding a market share of 64.8%, up 4.8 percentage points from the previous year [1] Brand Performance - Stone Technology achieved the top position with a 15.2% share in the overall cleaning robot market and a 20.7% share in the robotic vacuum segment [1] - Ecovacs and Dreame followed closely behind in market share [1] Sales Dynamics - Domestic sales have been boosted by policy subsidies, while the overseas market continues to grow through high-end new products and multi-channel expansion [1] Segment Growth - The lawn mowing robot segment showed remarkable growth, with shipments reaching 2.343 million units in the first half of the year, a staggering increase of 327.2% year-on-year [1] - The share of boundary-less models has risen to 65%, with Chinese brands like Ninebot, Dreame, and Ecovacs experiencing a surge in orders from Europe and the United States, driving significant industry growth [1] Future Outlook - IDC anticipates that Chinese manufacturers will continue to solidify their high-end advantages through technological iterations and multi-channel strategies, pushing for record-high annual sales [1]

Group 1 - The annual IFA consumer electronics show in Berlin will focus on "Innovation, Connectivity, Sustainability," highlighting smart home technology, artificial intelligence, and green technology [1] - Hisense will present its theme "AI Your Life," showcasing practical applications of AI and commercial innovations, along with new global expansion initiatives [1] - Hisense has accelerated its AI technology layout, establishing cross-OS platform capabilities to connect its VIDAA OS and ConnectLife smart home platform, enhancing user experience [1] Group 2 - The ConnectLife platform will be upgraded this year, offering personalized AI Agent services to global consumers, supported by Hisense's Star Sea large model [2] - From January to June, Hisense's smart large-screen refrigerator, priced around 3000 euros, saw a year-on-year sales increase of 2.8 times in overseas markets [2] - In response to the competitive European high-end market, Hisense is rapidly iterating differentiated products like smart large-screen refrigerators and high-efficiency refrigerators to enhance consumer experience [2]

Group 1 - The core viewpoint of the report is that the home appliance industry is rated as "overweight" with stable operations from leading brands in Q2, and the impact of tariffs is expected to diminish over time, with performance exceeding expectations mainly in small appliances and cleaning devices [1] - The report suggests four main investment themes: 1) overseas expansion as a core driver, focusing on smart home key targets; 2) stable performance with upward elasticity; 3) strong operations of leading companies combined with high dividends, offering cost-effective investment options; 4) home appliance companies diversifying into new business lines [1] - The domestic subsidy effect continues, but its marginal impact is decreasing; Q2 revenue and profit growth for the home appliance sector is projected at +5.6% and +3.1% year-on-year, respectively, with a slight deceleration compared to Q1 [1] Group 2 - In Q2 2025, the white goods sector's revenue growth is +5.8% and profit growth is +6.0%, with leading brands outperforming second and third-tier brands, indicating an increase in industry concentration [1] - The cleaning appliance sector shows significant revenue growth of +31.5% for brand manufacturers, while OEMs face a decline of -23.8%; leading companies like Roborock and Ecovacs perform well due to sustained high industry demand and reduced competition [1] - The black goods sector experiences revenue growth of +1.4% but profit declines by -16.5%, with brand companies seeing a slowdown in volume growth but continuing to increase average prices [1] Group 3 - The overall overseas revenue share of the home appliance sector reached 39.5% in H1 2025, an increase of 1.4 percentage points year-on-year, indicating a continued upward trend in international expansion [2] - Several companies are actively pursuing new business areas, such as Bull's focus on data centers and solar lighting, Yitian Intelligent's engagement in liquid cooling and computing power, and Rongtai Health's emphasis on vehicle-mounted massage and massage robots [2] - Compared to profit forecasts, Q2 performance exceeded expectations mainly in small appliances and cleaning devices, with six companies reporting revenue above expectations and four companies exceeding profit expectations [3]

Group 1 - The annual IFA in Berlin focuses on innovation, connectivity, and sustainability, with Hisense showcasing its "AI Your Life" theme, emphasizing practical AI applications and commercial innovation [1] - Hisense has accelerated its AI technology layout, establishing cross-OS platform capabilities that connect VIDAA OS and the ConnectLife smart home platform, enhancing user experience through interconnected devices [1] - Hisense's VIDAA OS has been recognized as the fastest TV operating system, achieving a performance score of 89 in a benchmark test conducted by WEKA MEDIA PUBLISHING GmbH [3] Group 2 - The ConnectLife smart home platform integrates AI and IoT, enabling interconnectivity among various appliances and enhancing user experience with personalized AI Agent services [5] - Hisense's smart large-screen refrigerators, equipped with ConnectLife, saw a 2.8 times year-on-year sales increase in overseas markets, priced around 3000 euros [5] - Hisense aims to capture the high-end European market by iterating differentiated products like smart large-screen refrigerators and high-efficiency models, with plans to lead in market share by mid-2025 [7]

Core Insights - The global smart home cleaning robot market showed strong demand with shipments reaching 15.352 million units in the first half of the year, representing a year-on-year growth of 33% [1] - Robotic lawn mowers experienced significant growth, with shipments of 2.343 million units, marking an impressive year-on-year increase of 327.2% [1] Market Performance - Total shipments of smart home cleaning robots in the first half of the year reached 15.352 million units [1] - The year-on-year growth rate for the overall market was 33% [1] - Shipments of robotic lawn mowers alone reached 2.343 million units, with a remarkable growth rate of 327.2% [1]

Core Viewpoint - The company "好上好" has shown significant stock performance with a year-to-date increase of 98.79%, despite a recent decline in the last five trading days [1] Group 1: Stock Performance - On September 3, "好上好" stock rose by 2.12%, reaching 34.26 CNY per share, with a trading volume of 238 million CNY and a turnover rate of 4.58%, resulting in a total market capitalization of 10.17 billion CNY [1] - The stock has experienced a decline of 12.20% over the last five trading days, but has increased by 17.17% over the last 20 days and 62.45% over the last 60 days [1] - The company has appeared on the "龙虎榜" (a stock trading list) 13 times this year, with the most recent appearance on August 25, where it recorded a net buy of -59.57 million CNY [1] Group 2: Company Overview - "好上好" was established on December 23, 2014, and went public on October 31, 2022, located in Shenzhen, Guangdong Province [2] - The company's main business involves selling electronic components to manufacturers in the consumer electronics, IoT, and lighting sectors, with 99.08% of revenue coming from distribution [2] - As of July 31, the number of shareholders was 60,800, a decrease of 9.31%, while the average circulating shares per person increased by 10.26% [2] Group 3: Financial Performance - For the first half of 2025, "好上好" achieved a revenue of 3.884 billion CNY, representing a year-on-year growth of 16.13%, and a net profit attributable to shareholders of 33.61 million CNY, up 71.05% year-on-year [2] - The company has distributed a total of 69.34 million CNY in dividends since its A-share listing [3] - As of June 30, 2025, Hong Kong Central Clearing Limited exited the list of the top ten circulating shareholders [3]