家电｜26 年以旧换新政策解读 20251231 摘要 2026 年"以旧换新"政策总金额预计达 2,500 亿元，其中家电补贴约 800 亿元，补贴额度降至 15%，单台上限 1,500 元，仅限一级能效产 品，旨在提高资金效率并优化产品结构，稳定市场并促进高端品牌发展。 政策平稳接续保障 2026 年 Q1 零售市场，补贴聚焦大品类和一级能效 产品，提升资金效率，利好高端品牌和大企业，同时支持线下实体店和 农村市场，激发下沉市场需求，避免 2025 年补贴消耗过快问题。 以旧换新政策减轻零售商价格战压力，提升利润率，促进高端产品销售， 增强消费者信心，推动更新换代需求，尤其在农村及下沉市场，有利于 行业健康发展和供给侧改革。 2025 年家电和汽车为重点补贴品类，资金总量未缩减，核心品类企业 受益明显，全年资金分配更均衡，避免 2025 年 Q3 后牺牲 GMV 和毛利 自补资金的情况。 政策倾向线下渠道，带动整体经济，集合门店如天猫优选、京东家电等 取代专卖店体系，弥补渠道下沉不足，京东在政策获取和资金垫付上具 有显著优势。 Q&A 2026 年家电以旧换新政策的主要变化是什么？ 2026 年的家电以旧 ...

Core Viewpoint - Huawei's 8TB home storage device is designed for family users, offering a private cloud server that supports easy data management and secure storage solutions [2] Product Features - The device supports mobile one-touch expansion and multi-device file synchronization, allowing for automatic backup and remote access of important data such as photos, videos, and documents [2] - It features a dual hard drive design that ensures data security and supports multiple encryption methods to protect privacy [2] Pricing and Discounts - The current promotional price on Tmall is 3,399 yuan, with a 15% subsidy leading to a discount of 494.85 yuan [2] - The final price after discount is 2,804.15 yuan, which is a significant reduction from the original price of 2,889.15 yuan, making it a valuable purchase for consumers [2]

Core Insights - The "Shanghai Star Flash Open Laboratory" was officially inaugurated on December 31, led by Midea Group in collaboration with various partners, marking the establishment of China's first open innovation platform focused on the application of Star Flash technology in smart home sectors [1][2] - Midea is recognized as a pioneer in the home appliance industry, having made significant investments and achievements in the Star Flash Alliance, which is part of its broader strategy to enhance home intelligence through a comprehensive smart home infrastructure [2] Group 1 - The laboratory received full support from the Qingpu District government in terms of policy, space, and industrial resources, integrating three core functions: technology research and development, testing certification, and ecological incubation [1] - The laboratory aims to create a complete "technology-product-scene-ecology" closed loop, facilitating protocol optimization for home and building scenarios, providing compatibility and safety certifications, and promoting resource sharing across the entire industry chain [1][2] Group 2 - Midea has been actively pursuing a "technology-leading" strategy, increasing investments in foundational innovation areas such as AIoT, chips, and connectivity technologies, positioning itself as a leader in global smart living and green technology [2] - The company has successfully developed and launched the "integrated sensing and computing" Star Flash module, addressing common industry challenges such as multi-connection interference and enhancing perception accuracy and stability [2][3] Group 3 - Midea's AI Research Institute has made significant advancements in integrating Star Flash technology with artificial intelligence, overcoming limitations in computing power and memory resources through innovative algorithms [3] - The laboratory will focus on three core objectives: becoming a center for Star Flash technology innovation, a center for industry implementation, and a hub for gathering industry partners to promote standards and solutions [3]

Core Viewpoint - The article discusses the controversy surrounding a live-streaming event led by Dong Yuhui, which generated significant sales for Gujia Home, raising questions about the quality and sourcing of the products sold during the event [4][6]. Group 1: Sales Performance and Controversy - The live-streaming event on December 10 resulted in total sales of 3.56 billion yuan, with a standout product being a leather sofa priced at 3,471.4 yuan, achieving sales of over 100 million yuan [9][10]. - Concerns arose regarding whether Gujia Home could fulfill the large order volume with its own production capacity or if it would resort to outsourcing [12][13]. - The company responded to these concerns by confirming that the sofas sold during the live stream were produced in-house and that they were working to meet production demands [19]. Group 2: Financial Analysis - Gujia Home's average selling price for standard sofa sets was 3,893.05 yuan, indicating a 12.15% premium over the live-stream price [19]. - The estimated gross margin for the live-streamed sofas is approximately 27.88%, which is a decline from the usual gross margin of 35.69% [19]. - Despite the lower price point, Gujia Home is still expected to make a profit on the live-streamed sales, as the cost per standard set is around 2,503.59 yuan [20]. Group 3: Company Background and Market Position - Gujia Home has faced challenges in recent years, with a reported revenue of 18.48 billion yuan in 2024, down 3.81% year-on-year, and a net profit of 1.42 billion yuan, down 29.38% [22]. - The founder's family has engaged in significant capital operations, having cashed out approximately 200 billion yuan since the company's IPO [25][26]. - The company is currently valued at around 25.3 billion yuan, raising questions about its long-term operational strategy versus capital gains [26]. Group 4: Strategic Concerns - Following the acquisition by He Jianfeng, Gujia Home is shifting towards smart home products, but its upcoming fundraising plan has raised suspicions of potential insider benefits due to significant price discrepancies [27][28]. - The necessity of the fundraising has been questioned, especially given the company's reported cash reserves of 2.785 billion yuan [29]. - The company's simultaneous high dividend payouts and large financial management plans have led to skepticism about its financial health and intentions behind the fundraising [30][31].

3、公司的主营业务为从事智能电动沙发、智能电动床及其核心配件的研发、设计、生产和销售。公司 的主要产品为单椅、组合沙发、机构件、电机、电控装置。 来源：新浪证券-红岸工作室 12月31日，匠心家居跌0.59%，成交额8838.63万元，换手率0.64%，总市值207.39亿元。 异动分析 养老概念+人民币贬值受益+智能家居+一带一路 1、公司进军康养产业，产品有康养机构智能床，多体位康复治疗床，家里护用智能床等产品。 2、根据2024年年报，公司海外营收占比为99.49%，受益于人民币贬值。 4、根据2025年4月11日互动易回复：公司越南生产基地自建成以来，始终坚持本地化建设、本地化运营 的原则，在人员管理、工艺制造、设备投入及供应链协同等方面，已具备完整的独立制造能力。公司核 心产品均在越南境内完成开发、加工与装配，不属于"转口贸易"模式。公司将继续秉持合规、透明、高 效的运营理念，持续提升全球供应链体系的稳定性与交付能力。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 今日主力净流入522.27万，占比0.06%，行业排名5/76，连续3日被主力资金增仓；所 ...

龙头企业从来不缺故事。但聚光灯外，却有更多故事。 作为一家细分赛道的龙头企业，又是上市公司，箭牌公开的喜讯总是会让有心人第一秒关注到,比如业 绩增长。 但在这之外，今年我们看到了 "压力"，这也是房地产链条上所有人的压力。 2022年，吴晓波频道写了一篇文章叫《当老板们进了精神科》，说的是疫情期间老板们都在"熬"。但是 回望2022年，你会发现那时候好极了。相比之下，今年这份压力，首先清晰地体现在掌门人密密麻麻的 日程表上。 2025年，我们发现箭牌家居集团董事长谢岳荣、董事副总经理谢炜及卢金辉、杨伟华等集团高管以比去 年更高的频次出现在全国的箭牌门店中，基本上每个月都会发生。在北京的居然之家、在黑龙江哈尔滨 的箭牌门店、在湖南长沙的建材城，出现频率是去年的数倍。他们用手触摸马桶的釉面，俯身查看智能 马桶的电路，更像一个初创公司那样，向店长追问 "哪里需要改进？"，听一听顾客犹豫的理由。 这样做，除了能够亲自感知水温的冷暖变化，切实了解到市场最真实的情况和风向，另外一个就是，在 这种时期，老板们必须要视自己为一家"初创公司"，主动应对市场变化，主动拥抱变革。 渠道从"铺广度"到"耕深度" 压力，最直观的体现是 ...

Core Viewpoint - The surge in sales from a live-streaming event has raised questions about the production capacity of Gujia Home, particularly regarding the fulfillment of nearly 30,000 sofa orders generated during the event, which totaled over 1 billion yuan in sales [3][7][10]. Group 1: Sales Performance and Production Concerns - A live-streaming event hosted by popular influencer Dong Yuhui resulted in over 1 billion yuan in sales for Gujia Home, with nearly 30,000 sofas ordered [3][7]. - Gujia Home confirmed that the sofas sold during the live stream are self-manufactured and that production is being accelerated to meet demand [3][9]. - Concerns have been raised about the company's ability to fulfill such a large order, with industry observers noting that many manufacturers are hesitant to take on the production due to low margins and long payment cycles [5][7]. Group 2: Financial Performance and Market Position - Gujia Home reported a revenue of 184.8 billion yuan in 2024, a decline of 3.81% year-on-year, marking the first time since its IPO in 2016 that both revenue and net profit have decreased [9][10]. - In the first three quarters of 2025, the company saw a revenue increase of 8.77% year-on-year, with a net profit growth of 13.24% [10][11]. - The company is facing challenges with high accounts receivable and payable, indicating potential liquidity issues [11][12]. Group 3: Strategic Shifts and Management Changes - Gujia Home is undergoing a transformation under new ownership, with a focus on efficiency and profitability rather than just growth [19][20]. - The company plans to invest 1.997 billion yuan in six major projects, including smart home product development and production line upgrades, to enhance operational efficiency [19][20]. - The management team has shifted significantly, with new leaders from the Midea Group taking over, indicating a strategic pivot towards leveraging synergies with Midea [17][18].

今年以来麒盛科技已经7次登上龙虎榜，最近一次登上龙虎榜为10月13日，当日龙虎榜净买入7726.26万 元；买入总计1.74亿元 ，占总成交额比24.20%；卖出总计9713.91万元 ，占总成交额比13.48%。 12月31日，麒盛科技盘中下跌2.04%，截至09:35，报19.20元/股，成交790.69万元，换手率0.12%，总市 值67.77亿元。 资金流向方面，主力资金净流出70.64万元，大单买入63.09万元，占比7.98%，卖出133.73万元，占比 16.91%。 麒盛科技今年以来股价涨53.45%，近5个交易日跌5.60%，近20日涨0.84%，近60日涨1.96%。 截至9月30日，麒盛科技股东户数2.35万，较上期减少24.49%；人均流通股15036股，较上期增加 32.44%。2025年1月-9月，麒盛科技实现营业收入22.24亿元，同比增长0.08%；归母净利润1.47亿元，同 比减少2.74%。 分红方面，麒盛科技A股上市后累计派现7.54亿元。近三年，累计派现3.88亿元。 责任编辑：小浪快报 资料显示，麒盛科技股份有限公司位于浙江省嘉兴市秀洲区王江泾镇秀水大道1508号，成 ...

Core Insights - The article highlights the journey of Woan Technology, which has successfully transitioned from a startup to a publicly listed company, showcasing the potential of hardware companies in the AI and smart home sector [1][8]. Company Overview - Woan Technology, initially known as "Wocao Technology," focuses on smart home solutions, particularly through its "SwitchBot" product line, which automates traditional home devices [1][4]. - The company has achieved significant growth, with a post-investment valuation increasing from 20 million RMB to 4 billion RMB within a few years [5][7]. Financial Performance - Woan's revenue grew from 275 million RMB in 2022 to 609 million RMB in 2024, reflecting a compound annual growth rate (CAGR) of 49% [11]. - The gross margin improved from 34.3% to 54.2% during the same period, indicating enhanced cost control and pricing power [11]. - Despite the revenue growth, the company reported cumulative losses of 106 million RMB from 2022 to 2024, although it turned profitable in the first half of 2025 with a net profit of 27.9 million RMB [11][12]. Market Strategy - Woan has strategically focused on the Japanese market, which contributed approximately 60% of its revenue from 2022 to 2025, capitalizing on the unique characteristics of Japanese consumers and their living conditions [13][14]. - The company has adopted a "deep customization" approach, tailoring products to meet local needs, such as developing a curtain robot that fits traditional Japanese apartment designs [13][14]. Product Development - Woan's product lineup includes various smart home devices, with a focus on affordability and ease of installation, which has helped it capture market share from established competitors [15][19]. - The company is expanding its product offerings to include more advanced robotics, such as the Acemate tennis training robot, leveraging its existing technology and user data [21][25]. Future Outlook - Woan is aware of the risks associated with its heavy reliance on the Japanese market and is exploring opportunities in other regions, including North America and Europe, where its revenue share has been gradually increasing [18][20]. - The company aims to diversify its product range beyond smart home devices to include emotional companionship and humanoid robots, indicating a strategic shift towards more complex and higher-value offerings [21][25].

Core Viewpoint - The controversy surrounding Dong Yuhui's live-streaming event, which generated sales of 3.56 billion yuan, has raised questions about the production capacity and quality of the products sold, particularly a popular leather sofa from Gujia Home [1][2][5]. Group 1: Sales Performance and Controversy - The live-streaming event on December 10 featured a leather sofa priced at 3,471.4 yuan, achieving over 1 billion yuan in sales for that model alone [2][6]. - Concerns emerged regarding whether Gujia's own factories could handle the high order volume, leading to speculation about outsourcing production to third-party manufacturers [5][6]. - The significant discount on the sofa raised doubts about whether the quality would match that of products sold in physical stores [5][9]. Group 2: Company Response and Production Assurance - Gujia Home responded to the concerns by stating that the sofas sold during the live stream were produced in-house and that they were working to expedite production [6][10]. - The company emphasized that the products were official and guaranteed to be genuine [6]. Group 3: Financial Analysis and Profitability - Despite the low selling price, Gujia Home is estimated to still have a profit margin, as the average cost per unit is 2,503.59 yuan, leading to a gross margin of approximately 27.88% for the live-streamed sofas [11][12]. - The average selling price of standard sofa sets in the first three quarters of the year was 3,893.05 yuan, indicating a 12.15% premium over the live-stream price [10][12]. - Gujia Home's financial performance showed a revenue of 184.80 billion yuan for the year, a decline of 3.81% year-on-year, with net profit dropping by 29.38% [14]. Group 4: Capital Operations and Shareholder Concerns - The founder's family has engaged in significant capital operations, having cashed out approximately 200 billion yuan since the company's IPO, raising concerns about the long-term operational strategy of Gujia Home [16][17]. - Recent low-priced capital increases have sparked allegations of potential benefits to insiders at the expense of minority shareholders, as the pricing was significantly below market value [20][22]. - The company's financial maneuvers, including high dividends and substantial investment plans, have led to skepticism about its actual liquidity needs and the motivations behind its fundraising efforts [24].