转自：草原云 "五一"期间，鄂尔多斯市准格尔旗跨领域开展形式多样的促消费活动，让市民享受实实在在的惠民政 策，畅享假期狂欢购。 5月5日，市民在准格尔旗广场惠民车展现场选购汽车。 5月5日，在准格尔旗广场"五一"惠民车展现场，汇集了20多个商家、40多个品牌的上百款热销车型同台 展示，涵盖了新能源、燃油车、智能网联汽车等全品类，吸引了当地及周边城市人群前来选购。本次推 出的"惠聚准格尔"购车消费补贴时间从4月1日至5月31日，不受户籍限制，可叠加国家、鄂尔多斯市、 准格尔旗以及厂家补贴，燃油车和新能源车补贴政策力度等同，带动了市民的购车热情。 5月5日，在准格尔旗广场惠民车展上，40多个品牌的上百款车型在展示。 准格尔旗汽车商会会长苗文军说："和以往的促销补贴不同点就是不限户籍，呼市包头巴彦淖尔等周边 城市有大量顾客来准格尔旗买车。这次补贴的金额从三千到六千不等，不分新能源车和燃油车，目前销 售量达到415台以上，销售金额达到6000万。" 在准格尔旗广电家电卖场，"暖城乐购 政企双补"的惠民标语随处可见，不少市民趁着"五一"假期前来 选购，工作人员耐心地讲解各款产品以旧换新的补贴标准、申领方法及店内优惠，确 ...

Core Viewpoint - The recent share transfer of nearly 30% of Shenzhen Konka Co., Ltd. to China Resources Holdings marks a significant shift in control, potentially enhancing the company's strategic direction in the semiconductor and consumer electronics sectors [1][4] Group 1: Company Background and Historical Performance - Shenzhen Konka, established in the early 1980s, was the first Sino-foreign joint venture electronics company post-reform and has over 40 years of history [2] - The company was a market leader in the television sector, achieving a revenue of over 12 billion yuan in 2015, but has seen a decline to 5.03 billion yuan by 2024 [2] - In 2017, Konka initiated a transformation strategy to diversify beyond traditional home appliances, leading to a significant drop in revenue from electronic products [2] Group 2: Recent Financial Performance - In the first quarter of 2025, Konka reported a revenue of 2.54 billion yuan, a year-on-year increase of 3.32%, with a net profit of 94.81 million yuan, marking a turnaround from a loss of 510 million yuan in the previous year [3] Group 3: Strategic Shift and Future Outlook - The company has refocused on its core businesses of consumer electronics and semiconductors, but faces challenges as its semiconductor revenue plummeted by 94.99% to 17 million yuan in 2024 [3] - The acquisition by China Resources is expected to enhance Konka's competitiveness in the semiconductor industry, leveraging synergies between the two companies [4] - A commitment has been made to avoid competition between China Resources and Konka in overlapping semiconductor sectors, ensuring a collaborative approach moving forward [4]

□ 本报记者 王薛淄 中国轻工联兼职副会长、中国缝制机械协会理事长杨晓京： 扩政策、优标准、强协同 巩固缝机强国地位 会上，多位兼职副会长、兼职副会长单位代表围绕会议主题，结合行业发展形势，交流座谈专项行动思 路、措施和建议。大家纷纷表示，要深刻领会党中央提振消费的战略意图，深入行业调研，汇聚各方智 慧，发挥引领作用，准确把握市场新需求、新动向，创新培育消费增长点，在学以致用、行以致远中推 动轻工业高质量发展。 缝制机械兼具装备、消费品双重属性，促进缝制机械消费、普及行业创新成果、服务人民美好生活一直 是中国缝制机械协会工作的重要抓手。2024年，协会通过七大举措推动高质量发展：一是围绕"两新"政 策开展宣贯引导，坚定行业信心；二是以线上线下结合形式普及缝艺文化，举办十余场技能培训；三是 制修订绿色、智能、适老化相关国家标准，驱动产品迭代升级；四是对标国家"三品"战略，遴选发布87 项创新产品，通过专项推介会对接产业链需求；五是联合兄弟协会举办智能化装备研讨会及行业峰会， 促进跨领域协同；六是组织海外参展及市场调研，拓展"一带一路"新兴市场；七是筹办CISMA2025国 际展会，打造全球行业风向标。2025年 ...

Core Viewpoint - Hisense Home Appliances reported strong Q1 2025 results, achieving revenue of 24.838 billion yuan, a year-on-year increase of 5.76%, and a net profit attributable to shareholders of 1.127 billion yuan, up 14.89% year-on-year, marking the best performance for the same period since Q1 2002 [2] Financial Performance - Revenue for Q1 2025 reached 24.838 billion yuan, with a net profit of 1.127 billion yuan and a non-recurring net profit of 1.008 billion yuan, reflecting year-on-year growth of 14.89% and 20.27% respectively [2] - The company's return on equity (ROE) for 2024 was reported at 23.27%, outperforming competitors such as Haier Smart Home (17.70%), Midea Group (21.29%), and Gree Electric (25.42%) [5] Market Position and Product Performance - Hisense's multi-split air conditioning systems captured over 20% market share, while the company maintained the top position in the fresh air air conditioning category with a sales share of 42.8% [3] - The refrigerator segment saw an increase in market share by 2.6 percentage points, with the Rongsheng brand also experiencing a 2.3 percentage point increase [3] - The washing machine business improved user experience, resulting in a 0.7 percentage point increase in offline market share [3] Growth Drivers - The growth in Q1 performance is attributed to several factors: recovery in central air conditioning sales, strong growth in home air conditioning, high single-digit growth in refrigeration and washing machine segments, and significant orders in the HVAC sector for new energy vehicles [4] - Domestic and international sales trends indicate a positive outlook, with exports expected to grow over 20% year-on-year [4] Financial Stability - The company reported a total debt of 52 billion yuan, with non-interest-bearing liabilities accounting for 92% of total debt, indicating strong bargaining power within the appliance supply chain [6] - The liquidity surplus after settling all payables and interest-bearing debts is 21.8 billion yuan, showcasing financial stability [5]

家电家居场景全面融合，引领居家空间美学新风尚。"五一期间"，苏宁易购零嵌、平嵌式冰箱和洗衣机 产品销售占比均超过9成，超薄油烟机、嵌入式厨房一体机销售同比提升101%、192%。相关负责人指 出，"在产品功能之外，当下的消费者还希望家电风格外观能够与整体家装风格融合，进而提升家庭装 修的美感和协调性"。 "五一"假期，县域市场家电消费持续提档升级。在江苏省兴化市，随着当地居民婚庆消费和返乡青年为 家人添置家电的需求集中释放，苏宁易购兴化国际商城零售云店客流量大增，"五一"假期前两天销售额 同比增长200%。"在县域市场，年轻消费者对品质家电的需求已向一二线城市看齐。像洗烘套装、75英 寸以上大屏电视、嵌入式冰箱、洗地机、新风空调这些新趋势产品，已成为'新婚五大件'。"兴化国际 商城零售云店店长闻璐说。 以旧换新扩围加力叠加"五一"让利，让更多补贴优惠直达消费者，带动融合新场景、新功能、新体验的 趋势家电成为消费者"心头好"。苏宁易购数据显示，"五一"期间COLMO、卡萨帝等高端品牌空调销售 增长280%，12公斤以上大容量洗衣机销售增长155%，高端酒柜类产品销售增长281%，万元以上家电销 量提升79%。中 ...

Group 1 - The core point of the article highlights the significant sales growth of Suzhou Dreame Technology, which achieved a 362% year-on-year increase in sales of its robotic vacuum cleaner, becoming the top seller on North American cross-border e-commerce platforms like Amazon and eBay during the spring promotion of 2025 [1] - Dreame Technology's global expansion is marked by the opening of its largest flagship store in North America in San Diego and the groundbreaking of a smart home appliance headquarters in Nanjing with a total investment of 4 billion yuan [1] - In the Chinese online cleaning appliance market, Dreame holds an 18.2% retail market share, ranking first in the industry, while in Germany, its market share for robotic vacuums reached 42% in 2024 [1] Group 2 - The article emphasizes the importance of innovation as a competitive advantage against trade risks, with Dreame achieving 100% self-research and production of core components, leading in high-speed digital motors and intelligent algorithms [1] - The Wu Zhong District, where Dreame is located, has a robot industry scale exceeding 160 billion yuan and aims to become the leading national robot industry cluster, producing 60% of service robots in China [1] - The transition from OEM to independent brands in the cleaning appliance sector is noted, with over half of the global cleaning appliances coming from China, and about 70% of those from Suzhou [2]

行业报告 | 行业研究周报 家用电器 证券研究报告 家电行业 2024 年报&25Q1 总结 行业概览：Q1 家电板块营收业绩增长提速，现金流趋势向好。24 年家用电 器（申万）板块整体营收/归母净利润分别达 15832/1199 亿元，同比 +5%/+7%；25Q1 板块整体营收/归母净利润分别达 4237/330 亿元，同比 +13%/+25%。盈利能力方面，24 年板块毛利率/归母净利率为 24.6%/7.6%， 同比-1.4/+0.1pct；25Q1 板块毛利率/归母净利率分别为 23.6%/7.8%，分别 同比-1.6/+0.7pct。现金流方面，24 年/25Q1 板块经营活动现金流净额分别 为 1664/288 亿元，分别同比-19%/+116%。 白电板块：Q1 板块营收增速环比提速，净利率优化兑现。白电核心个股 2024 年营收/归母净利润分别同比+6%/+13%；25Q1 营收/归母净利润分别同 比+16%/+28%。收入端，美的集团 25Q1 收入增速领先行业；业绩端，受益 于白电龙头综合费用率优化、数字化变革等因素带动，美的集团、海尔智 家、格力电器、海信家电 25Q1 归母净利润同比 ...

活下去，在2025年5月之后，将成为摆在所有家电经销商面前的一道"必答题"。不管是巨商大商还是小商，都面临着同样挑战： 过去的经营舒适区没有了，新的市场环境和竞争格局又是复杂且多变，接下来靠什么，又凭什么能活下去？ 杨嘉 撰写 当甩手掌柜的好日子，早就结束了！卖家电的经销商老板们，也没啥可以牛的，现在也得亲自下场卖货、带单，甚至送货和安 装了！ 二是，现在做生意必须要有经营头脑，还要有足够的智慧和耐力。特别是面对一线大品牌的市场运营，不能像过去那样"砸 钱"就行了，还得系统布局和思考。简单来说，就是要找到用户、洞察用户需求，才能解决问题。 三是，不管是跟着企业大品牌，还是跟着商业大平台，对于所有经销商来说，在一线市场面向用户的直接性投入不能少，更不 能计较短期的利益得失，必须要坚持一段时间，3个月、半年甚至更长时间。单纯以结果为导向来评估投入，在今年的市场环境 下，就会面临"寸步难行"。 从去年开始的市场环境、竞争格局，让一线市场上的家电经销商老板们，不直接下场，在零售市场上寻找用户，并面向用户直 接推销、导购和卖货，在完全不研究市场、不关注用户的背景下，还想着通过烧钱、砸钱推动市场出货，就会面临着"有钱有团 ...

行业报告 | 行业研究周报 家用电器 证券研究报告 产业在线出货&排产数据点评——25W18 周度研究 周度研究聚焦：产业在线出货&排产数据点评——Q1 空冰洗内销稳定增 长，空调 Q2 内销或保持上涨趋势 空调：内销方面，Q1 出货稳定增长，结合排产 Q2 或保持上涨趋势。据产 业在线，空调 1 月/2 月/3 月内销量分 别 721/736/1278 万台（yoy- 2%/+21%/+3%），Q1 内销累计达 2735 万台，同比增长 6.2%，出货稳定增 长。根据产业在线排产报告预测数据，25 年 4 月/5 月/6 月/7 月家用空调内 销排产 1320/1437/1361/1265 万台（yoy+9%/+15%/+29%/+37%），随着内销 旺季市场的临近及出口市场蓄力不足，内销开始掌握大盘主动权，强势发 力。外销方面，Q1 增速好于内销，Q2 出口迎来季节性淡季。据产业在 线，空调 1 月 /2 月 /3 月 外 销 量 分 别 1052/943/1157 万 台 （yoy+17%/+51%/+15%），Q1 外销累计达 3152 万台，同比增长 24.5%，增 速好于内销。根据产业在线排产报告 ...

前所未有！今年以来，一线家电市场的洗牌力度，大大超出过去40年中的任何一年。对于不少家电厂商来说，面对的就是"开局 即终局"：不少工厂至今都没有正常生产，还有一些工厂阶段性放假，甚至放长假。 宁言 撰写 其次，要敢闯和敢干。面对没有胜算的一线市场正面抢夺，众多厂商尽量避免参与内卷式竞争乱战，要有实力、有胆识跳出拼 低价泥潭，敢闯敢干去寻找新出路。实在不行，就留存实力，保存精力，等待产业拐点的到来。 再者，要果断和高效。今年以来的家电市场竞争，节奏快、变数多、变化快，对于很多厂商而言，一旦市场经营慢半拍，就会 出现步步慢的尴尬局面。所以，善于打仗的关键，是高效、快速的决策和反馈，从而避免市场竞争机会的错失。 声明：家电圈原创文章，未经授权一律严禁转载 无论是海尔、美的、长虹、海信、TCL，或是方太、老板，以及九阳，还是京东、天猫、拼多多、苏宁易购，从去年四季度到 今年一季度以来，成为家电"国补"政策的最大赢家。不只是在下行的市场通道中收获增长的业绩，同时在市场占有率、品牌影 响力和渠道话语权、用户认知度等多个维度，都出现了明显提升，话语权和地位显著提高。 与之对应，则是不少家电厂商的生意出现恶化。一些家电工厂从 ...