8月22日，快手电商正式上线"国补合伙人"项目，首期 24 位主播入选，涵盖蛋蛋、徐小米、祝哥、刘老 师等不同垂直领域头部主播，总粉丝量超3.9亿，月均带货销售额超过20亿，可辐射快手站内多元用户 群体。作为项目核心参与方，入选主播将在快手定期开展国补带货专场。 平台则为"国补合伙人"准备了专属电商流量激励，入选主播可优选参与平台活动，获得更多曝光和资源 位。 事实上，为全力配合以旧换新政策落地，快手电商早在年初就上线了2025以旧换新国家补贴活动，山 西、陕西、云南、湖南等地国家补贴活动已接入快手，上快手搜"国补"，选购国补商品，单品至高补贴 2000元。 从落地效果看，以旧换新政策激发了消费热情。数据显示，今年618期间，覆盖了"大促心智品"的国补 专项同样拉动相关类目商品GMV高速增长，GMV同比增长超50%的国补商家数达132个，手机、空调、 冰箱、洗衣机、电视机等季节性绿色节能产品畅销。国补品类日期间，参与国补活动的品牌自播GMV 突破峰值。 "我家铁粉特别多，每场直播下单的有百分之八九十是老粉。新粉丝通常很少直接下单，90%粉丝会先 了解我讲解的内容，再尝试买些水龙头、花洒等小东西试水，再到变成铁 ...

Core Viewpoint - The logistics industry in China is experiencing a slight decline in the logistics prosperity index for July 2025, which stands at 50.5%, down 0.3 percentage points from June, but still indicates an expansion trend [1][2]. Group 1: Logistics Demand and Supply - The overall logistics demand remains stable, with the total logistics demand showing a strong growth momentum despite adverse weather conditions such as local floods and high temperatures [1][2]. - The business volume index is at 50.5%, indicating continued expansion across all major regions [1]. - The new orders index for logistics companies has increased to 52.5%, reflecting a slight month-on-month rise, with eastern and western regions showing improvements [1][2]. Group 2: Price and Market Expectations - The logistics service price index has seen a slight increase, particularly in road and water transportation sectors, with respective rises of 0.2 and 0.3 percentage points [1]. - The business activity expectation index remains above 55%, with high levels in the air transport, postal express, and multimodal transport sectors [2]. - The "old-for-new" national subsidy policy and innovative services in the home appliance sector are driving further growth in logistics demand [2]. Group 3: Future Outlook - The overall recovery momentum and market expectations for the logistics industry in China are considered positive [3].

Core Insights - The new round of the "old-for-new" policy has been implemented since the second half of last year, with significant expansion this year, leading to over 66 million consumers purchasing home appliances and over 69 million purchasing digital products through national subsidies [1][4] - The policy has effectively stimulated a large demand for product upgrades, but challenges such as "difficulty in obtaining coupons" and "capital pressure" have emerged for some offline channels [1][7] - The government plans to enhance the "timeliness" and "equity" of policy implementation in response to market concerns, with a focus on ensuring balanced distribution of subsidy funds [1][13] Market Performance - Retail sales of home appliances and audio-visual equipment increased by 30.7% year-on-year, while communication equipment sales rose by 24.1% in the first half of the year [3] - The number of consumers participating in the "old-for-new" program has significantly increased, with 1.09 billion appliances and 740 million digital products purchased [1][4] Policy Impact - The "old-for-new" policy has expanded from covering 8 categories of appliances in 2024 to 15 categories in 2025, with subsidies of up to 2000 yuan for home appliances and 500 yuan for digital products [4][5] - The policy has led to a notable shift towards high-efficiency and smart products, with sales of energy-efficient appliances seeing substantial growth [5] Challenges Faced by Retailers - Some retailers report difficulties in accessing subsidies, with stringent requirements and long waiting periods for reimbursement, leading to cash flow issues [7][10] - The competition between online and offline channels has intensified, with online platforms offering easier access to subsidies, causing offline retailers to struggle [8][9] Future Directions - The government is set to implement a more structured approach to subsidy distribution, ensuring that funds are allocated equitably and efficiently across regions [13][14] - There is an expectation for improved consumer experience and policy effectiveness as local governments refine execution details based on regional consumption characteristics [14]

Core Viewpoint - The new round of the "old-for-new" policy has effectively stimulated consumer demand and market vitality, but challenges in implementation have emerged, particularly for offline channels, necessitating a more balanced approach to policy execution [1][3][17]. Group 1: Policy Impact and Market Response - Over 66 million consumers have purchased over 109 million home appliances through national subsidies in the first half of 2025, indicating strong consumer engagement [1]. - Retail sales of home appliances and audio-visual equipment increased by 30.7% year-on-year, while communication equipment sales rose by 24.1% in the same period, reflecting the positive impact of the subsidy policy [3]. - The number of subsidized product categories expanded from 8 to 15 in 2025, with significant subsidies for energy-efficient and smart products, enhancing consumer purchasing power [3][4]. Group 2: Challenges Faced by Offline Channels - Some offline retailers are struggling with the "difficulty in obtaining coupons" and "capital pressure," as they must pre-fund subsidies and face long reimbursement cycles [9][12]. - Reports indicate that some stores have stopped participating in the subsidy program due to stringent requirements and difficulties in accessing funds [10][11]. - The competition between online and offline channels has intensified, with online platforms offering easier access to subsidies, leading to a decline in offline sales [11][14]. Group 3: Market Dynamics and Competition - The market is experiencing a shift in retail channel dynamics, with traditional e-commerce gaining a larger share, while smaller offline retailers face significant pressure due to their inability to access subsidies [5][14]. - The subsidy policy has led to a temporary boost in sales, but the long-term effects are diminishing, with some retailers reporting that the subsidies have not significantly increased their sales beyond seasonal trends [13][14]. - The disparity in subsidy access has raised concerns about market fairness, as smaller retailers can undercut prices without the same operational costs as larger, compliant businesses [13]. Group 4: Future Policy Directions - The government plans to enhance the "timeliness" and "equity" of subsidy implementation, with a focus on ensuring that funds are allocated fairly across regions and sectors [17][19]. - Upcoming adjustments to the subsidy program aim to streamline processes and improve consumer experiences, particularly in areas facing challenges with coupon distribution [19][20]. - Industry experts anticipate that more refined policy arrangements will maximize the effectiveness of the subsidy program in stimulating consumer demand [19].

Core Insights - The government is enhancing the implementation of the "old-for-new" subsidy policy to address market concerns, focusing on "timeliness" and "balance" [1][14] - The policy has successfully stimulated significant consumer demand, with over 66 million consumers purchasing home appliances and digital products under the subsidy program [1][3] - The market for home appliances and audio-visual equipment saw a retail sales growth of 30.7% year-on-year in the first half of the year, while communication equipment grew by 24.1% [3] Group 1: Policy Impact - The "old-for-new" subsidy program has expanded from covering 8 categories of appliances in 2024 to 15 categories in 2025, including smartphones and smart home devices, with subsidies of up to 2,000 yuan for appliances and 500 yuan for digital products [4][5] - The policy has led to a significant increase in sales of high-efficiency and smart products, with sales of first-level energy-efficient appliances seeing substantial year-on-year growth [5][11] - The recycling and processing system for old appliances has improved, with millions of units being processed, enhancing resource utilization [5] Group 2: Market Dynamics - There is a notable shift in retail channel dynamics, with traditional e-commerce channels gaining market share while smaller retailers face challenges due to subsidy access and funding issues [5][12] - Some retailers report difficulties in accessing subsidy vouchers, leading to a decline in sales, particularly in lower-tier cities where competition with online platforms is fierce [7][8] - The financial burden of upfront subsidy payments is straining cash flow for many retailers, with delays in reimbursement from the government exacerbating the situation [9][10] Group 3: Future Outlook - The government plans to implement a more structured approach to subsidy distribution, ensuring that funds are allocated consistently across regions and sectors [14][15] - Upcoming measures aim to enhance the consumer experience and policy effectiveness, with adjustments to address regional disparities and streamline processes [15]

Summary of the Conference Call for Oppein Home Industry Overview - The home furnishing industry is experiencing a shift towards multi-category and cross-category sales, with a focus on package deals and one-stop design to enhance customer experience and sales conversion rates [2][6][7] - The demand for integrated home furnishing solutions is rising, with consumers preferring one-stop solutions for their home decoration needs [2][7][8] Key Points and Arguments - **Impact of National Subsidy Policy**: The national subsidy policy has a short-term stimulating effect on home furnishing consumption, particularly for medium to large improvement needs. However, the effectiveness of the policy has weakened, leading to a short-term gap where most incremental orders are expected to convert into revenue in the second quarter [2][3][14] - **Contract Liability Conversion Cycle**: The conversion cycle for contract liabilities has been extended due to the national subsidy policy. Customers are enjoying subsidies earlier, but actual demand may be delayed, making it difficult to quantify the conversion cycle linearly [2][5] - **Operational Efficiency**: Oppein Home has improved operational efficiency through process optimization and empowerment systems, resulting in better cost control and gross margin levels compared to peers [2][9] - **E-commerce and Self-Media Operations**: To address high customer acquisition costs, Oppein Home is increasing average transaction values and empowering agents through e-commerce and self-media operations to enhance conversion rates [4][10][11] Additional Important Insights - **Dealer Management and Support**: The company is focusing on enhancing dealer management and support to alleviate cash flow pressures caused by the national subsidy policy. Despite the increase in contract liabilities, dealers are expected to maintain resilience due to a strong customer base [17][18] - **Sales Strategy and Customer Flow**: The company is shifting from single-category brand investments to a comprehensive home furnishing approach, improving overall efficiency and customer flow through targeted marketing strategies [22][23] - **Future Industry Outlook**: The home furnishing industry is expected to continue evolving, with increased complexity in operations and sales management. Oppein Home aims to strengthen its capabilities in lead generation, integrated furniture solutions, and operational efficiency to maintain a competitive edge [24] Conclusion Oppein Home is strategically positioning itself to adapt to the changing dynamics of the home furnishing industry by enhancing operational efficiency, leveraging national subsidy policies, and focusing on integrated solutions to meet consumer demands. The company is also committed to supporting its dealers and optimizing its sales strategies to navigate current market challenges.

Core Viewpoint - The performance of leading domestic kitchen appliance companies, including Boss Electric, Vatti, and Vanward Electric, shows significant divergence, with Boss Electric and Vatti experiencing declines in 2024 and Q1 2025, while Vanward Electric continues to grow [1][4]. Group 1: Company Performance - Boss Electric reported a revenue of 11.213 billion yuan in 2024, a slight increase of 0.1%, but a net profit of 1.577 billion yuan, down 8.97% year-on-year [2]. - Vatti achieved a revenue of 6.372 billion yuan in 2024, a year-on-year growth of 2.23%, with a net profit of 485 million yuan, up 8.39% [2]. - Vanward Electric's revenue in 2024 was 7.342 billion yuan, a growth of 20.29%, with a net profit of 658 million yuan, up 15.73% [4]. - In Q1 2025, Boss Electric's revenue fell to 2.076 billion yuan, down 7.2%, and net profit decreased to 340 million yuan, down 14.66% [2]. - Vatti's Q1 2025 revenue was 1.26 billion yuan, down 8.8%, with a net profit of 106 million yuan, down 14.33% [2]. - Vanward Electric continued its growth in Q1 2025, achieving a revenue of 2.295 billion yuan, up 15.94%, and a net profit of 179 million yuan, up 8.01% [4]. Group 2: Market Conditions - The ongoing downturn in the real estate market has significantly impacted the kitchen appliance industry, particularly affecting Boss Electric and Vatti, which are closely tied to the refined decoration market [1][3]. - The overall kitchen appliance market is expected to remain stable, supported by the "national subsidy" policy [1][6]. - In Q1 2025, the number of new projects in the real estate refined decoration market dropped by 38.9%, with a market scale decline of 42.1% [3]. - The kitchen appliance sector's performance is closely linked to the real estate market, making it challenging for individual companies to thrive independently [3]. Group 3: Product and Export Strategy - Vanward Electric's focus on specific product categories, such as household water heating and kitchen appliances, has contributed to its better performance compared to Boss Electric and Vatti [4][5]. - In Q1 2025, the retail market for range hoods and gas stoves saw significant growth, with retail sales of range hoods reaching 6.1 billion yuan, up 13.1%, and gas stoves at 3.72 billion yuan, up 13.4% [5]. - Vanward Electric's export sales accounted for 36.27% of its revenue in 2024, with a growth of 41.43%, while Boss Electric and Vatti had much lower export revenue proportions [6].

Financial Performance - In 2024, the company achieved a revenue of CNY 3.789 billion and a net cash flow from operating activities of CNY 343 million [2] - In Q1 2025, the company reported a revenue of CNY 741 million, with a significant improvement in net profit [2] - Contract liabilities at the end of the period increased by 70% compared to the same period last year, indicating effective strategic adjustments [3] Strategic Initiatives - The company plans to deploy AI systematically to enhance efficiency across the entire business chain [4] - Key initiatives include the establishment of an "AI Design Factory" and the promotion of a "1+N" model for diversified business development [4] - The company aims to accelerate overseas expansion and enhance its export capabilities through customized solutions [4] AI Technology Application - The integration of a knowledge base covering 300,000 products, 3 million housing types, and 30 million design solutions is underway [5] - AI tools have improved user interaction and reduced design delivery times significantly [6] - The company has developed a "秒住房" platform that combines renovation and real estate services, facilitating a seamless customer experience [6] Marketing and Sales Strategy - The company has introduced a multi-faceted recruitment strategy targeting different market segments, including exclusive partnerships and youth entrepreneurship initiatives [7] - The implementation of the national subsidy policy has expanded its reach among dealers, significantly boosting customer acquisition [8] - The company plans to distribute a cash dividend of CNY 0.9 per share, with a projected dividend yield of 7.17% based on the closing price on April 28 [8]