出品：新浪财经上市公司研究院 作者：木予 2025年1-6月，在"以旧换新"政策的助力下，国内家电市场量额齐升，展现增长韧性。小家电品类内部却分化明显，奥维云网数据显示，报告期内国内厨房小家电零售量同比下降1.2%，零售额 截至8月31日，A股22家白色家电（按申万二级行业分类）上市公司均已披露2025年半年报。据财报披露的数据统计，22家公司上半年合计实现总营收609.09亿元，较2024年同期提高12.1% 更进一步来看，10家厨房小家电企业总营收为293.91亿元，归母净利润（含亏损）合计19.30亿元，约占比48.3%、40.3%，与2024年上半年相比分别提高3.4%、6.7%；8家清洁小家电总营 报告期内，九阳股份、彩虹集团、倍轻松和倍益康营收、净利双降，其中三家为个护小家电公司，倍轻松和倍益康更是由盈转亏。苏泊尔、石头科技、德昌股份等7家企业增收不增利，接近六成 就收入规模而言，苏泊尔以114.78亿元位居榜首，约为第二名科沃斯上半年营收的1.32倍，比厨房小家电收入第二名新宝股份高出接近37亿元。倍益康2025年前6个月仅实现1.15亿元，在22 就成本控制而言，小家电公司上半年的营业成本普遍 ...

Core Viewpoint - The upcoming National Day and Mid-Autumn Festival holiday is seen as an optimal time for consumers in Shandong to purchase home appliances, with significant discounts available through various subsidy programs [2][3]. Group 1: Subsidy Programs - Shandong Suning.com will launch the "National Day Crazy Subsidy Season" on September 26, offering consumers up to 50% discounts through a combination of national, manufacturer, retailer, and bank subsidies [2][3]. - The "Five Advances" initiative, aimed at promoting the replacement of old appliances, has been implemented by the Shandong Provincial Department of Commerce, enhancing consumer engagement through community outreach [2][3]. Group 2: Market Impact - As of July 31, over 9.216 million consumers in Shandong participated in the appliance replacement program, generating a market growth of 39.83 billion yuan, with consumers receiving 6.86 billion yuan in government subsidies [3]. - The integration of government, enterprise, and community resources through the "Five Advances" initiative has effectively tapped into the potential of home appliance consumption, leading to increased customer engagement and higher average transaction values [3]. Group 3: Company Strategy - Suning.com is expanding its strategic presence in Shandong, moving from core cities to regional economic centers, and aims to provide comprehensive home appliance solutions by leveraging both online and offline channels [3][4]. - The company is actively responding to national consumption promotion policies, ensuring that the benefits reach consumers while collaborating with major brands to enhance product offerings and services [4].

Investment Rating - The report maintains a "Buy" rating for the home appliance industry [1] Core Viewpoints - The home appliance industry is experiencing a shift from a "price war" to a "quality war," driven by Xiaomi's announcement of a 10-year free warranty for its air conditioners, which aims to enhance consumer confidence in product quality [3][41] - The impact of national subsidies is significant, with a projected increase in retail sales due to the "old-for-new" policy, which is expected to contribute to a 29.9% year-on-year growth in retail sales from September to December 2024 [5][19] - The air conditioning market is facing challenges due to a high base from the previous year and the reduction of national subsidies, leading to cautious production forecasts for the upcoming months [3][22] Summary by Sections 1. Domestic Sales and Export Trends - The "old-for-new" policy has positively impacted domestic sales, with a notable increase in retail sales of home appliances [5] - In August 2024, air conditioning domestic sales volume reached 7.737 million units, a year-on-year increase of 1.2%, driven by high temperatures [3][22] - Export volumes for air conditioners are expected to decline, with a forecast of approximately 9.581 million units for the entire year 2025, a year-on-year decrease of 1% [48] 2. Air Conditioning Industry Growth - The air conditioning market is experiencing a decline in retail sales, with online and offline sales showing significant year-on-year decreases in September 2025 [3][22] - The average retail price of air conditioners has shown signs of recovery after a price war, with offline prices rising to 4,301 yuan per unit in September 2025 [41][42] - The air conditioning industry is transitioning towards a focus on quality and service, as evidenced by Xiaomi's extended warranty offering [3][41] 3. Valuation and Investment Recommendations - The home appliance sector is currently undervalued, with a price-to-earnings ratio of 15.3, below the historical average of 17.3 [74] - Investment recommendations include companies with strong dividend yields and successful digital transformation, such as Midea Group and Haier Smart Home [76] 4. Heat Pump Industry Development - The heat pump industry is expected to benefit from favorable policies, with a projected market space of 100 billion yuan [65] - Exports of heat pumps are showing signs of recovery, with a year-on-year growth of 21.6% in the first seven months of 2025 [65]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 3.987 billion yuan in the first half of 2025, a year-on-year decrease of 9.11%. The net profit attributable to the parent company was 123 million yuan, down 30.02% year-on-year [2][5]. - The domestic sales remained stable, while overseas sales faced pressure, with a significant decline of 48.70% in overseas revenue, primarily due to reduced sales to a related party [10]. - The gross margin improved to 27.20%, an increase of 0.59 percentage points year-on-year, indicating enhanced profitability in core product categories [10]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 1.987 billion yuan, a decline of 14.40% year-on-year, with a net profit of 21 million yuan, down 53.24% year-on-year [2][5]. - The company’s core product, food processing machines, generated revenue of 1.462 billion yuan, a growth of 2.58% year-on-year, accounting for 36.67% of total revenue [10]. Margin Analysis - The gross margin for food processing appliances was 34.96%, up 1.45 percentage points year-on-year, while the nutrition pot series and Western-style electrical appliances saw slight declines in gross margins [10]. - Domestic gross margin was 29.76%, down 1.58 percentage points year-on-year, while overseas gross margin was 5.82%, down 0.58 percentage points year-on-year [10]. Future Outlook - The company is positioned as a high-quality small appliance manufacturer, adapting to changes in demand and channels, and is expected to achieve net profits of 283 million, 335 million, and 381 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 27.22, 22.95, and 20.23 [10].

Core Insights - Haier Smart Home reported a record high net profit of 12.033 billion yuan for the first half of 2025, representing a year-on-year increase of 15.6% [1] - The company achieved a revenue of 156.494 billion yuan, marking a 10.2% year-on-year growth [1] - In Q2 alone, the net profit reached 6.546 billion yuan, up 16.14% compared to the same period last year [1] Financial Performance - Total revenue for the first half of 2025 was 156.494 billion yuan, with a year-on-year growth of 10.2% [1] - Net profit for the same period was 12.033 billion yuan, reflecting a 15.6% increase year-on-year [1] - The company plans to distribute a cash dividend of 2.69 yuan per 10 shares, totaling approximately 2.507 billion yuan, which is 20.83% of the net profit [1] Market Drivers - The growth in performance is attributed to both domestic and international market drivers [1] - In the domestic market, the "old-for-new" appliance policy and over 20% revenue growth from the high-end brand Casarte contributed to a stable market base [1] - Emerging markets in South Asia, Southeast Asia, and the Middle East and Africa showed double-digit growth, highlighting international expansion opportunities [1] Policy Impact - The third batch of government funds for the "old-for-new" program has been allocated, with Taobao and Tmall starting to offer subsidies from August 26 [1] - Consumers can receive up to 20% subsidies for purchasing energy-efficient products and 30% for home modification products aimed at elderly care [1]

Core Viewpoint - Sanhua Intelligent Control reported a significant increase in revenue and profit for the first half of 2025, driven by strong performance in both the refrigeration and automotive parts sectors [1][2]. Financial Performance - Revenue for the first half of 2025 was approximately RMB 16.263 billion, representing a year-on-year growth of about 18.9% [1] - Profit attributable to shareholders was approximately RMB 2.109 billion, showing a year-on-year increase of about 39.3% [1] - Basic and diluted earnings per share were approximately RMB 0.57, reflecting a year-on-year growth of about 42.5% [1] Business Segments - The refrigeration and air conditioning components business generated revenue of RMB 10.389 billion, up 25.5% year-on-year, primarily due to increased sales driven by energy-saving policies and appliance replacement incentives [1] - The automotive parts business reported revenue of RMB 5.874 billion, an increase of 8.8% year-on-year, attributed to strong demand in the new energy vehicle market [1] Market Presence - The company has recorded revenue growth from both domestic and international markets, benefiting from its continued penetration in China and expansion of its global footprint [1] - Sanhua is recognized as the largest manufacturer of refrigeration control components and a leading producer of automotive thermal management system parts globally [2] - The "Sanhua" brand has become well-known, with its refrigeration control components ranking first in their respective global markets [2]

Core Viewpoint - Qijing Machinery Co., Ltd. reported a revenue increase of 8.72% in the first half of 2025 compared to the same period in 2024, driven by domestic consumption policies and increased market demand [7][21]. Company Overview and Financial Indicators - The company achieved operating income of approximately 1.06 billion yuan in the first half of 2025, compared to approximately 972 million yuan in the same period of 2024 [7][21]. - Total profit for the period was approximately 43.33 million yuan, a decrease of 4.22% from the previous year [7][21]. - Net profit attributable to shareholders was approximately 40.50 million yuan, down 2.63% year-on-year [7][21]. - The company's net cash flow from operating activities was negative 47.40 million yuan, a significant decrease of 210.26% compared to the previous year [7][21]. - Total assets increased by 4.47% to approximately 2.36 billion yuan compared to the end of the previous year [7][21]. Business Operations - Qijing Machinery specializes in precision machining, focusing on components for washing machines, automotive parts, and electric tool parts [7][21]. - The company has established stable relationships with well-known clients in the industry, including Hisense, Samsung, and Whirlpool, through long-term agreements [7][21]. - The main business segments include home appliance components, automotive parts, and electric tool components, with the home appliance segment generating approximately 8.06 billion yuan in revenue, a 7.57% increase [7][21]. Industry Context - The washing machine market in China has a high ownership rate, with nearly 99.2 units per 100 households as of the end of 2024, indicating limited growth potential in the domestic market [9][10]. - The overall washing machine sales volume in the first half of 2025 increased by 12.98% year-on-year, reflecting a recovery in consumer demand [9][10]. - The automotive industry in China continues to grow, with total vehicle production and sales reaching approximately 15.62 million and 15.65 million units, respectively, in the first half of 2025, both showing over 10% growth [12][14]. Future Outlook - The company is advancing several key projects, including the expansion of its Thailand factory and the development of drone component projects, which are expected to contribute to future growth [21][22]. - The implementation of government policies promoting the replacement of old appliances is anticipated to further stimulate demand in the home appliance sector [11][21].

Core Insights - The dishwasher market in China is experiencing significant growth, with a retail value of 62 billion yuan in the first half of 2025, marking a 7.5% year-on-year increase [2] - Despite the growth, the market penetration rate remains low at only 3.2% in 2024, indicating substantial room for expansion [2][4] - The average annual compound growth rate of the dishwasher market from 2015 to 2023 reached 23.23%, significantly outpacing the global average of 6% [4] Market Dynamics - The demand for dishwashers is driven by rising living standards and changing consumer preferences, particularly among the younger generations [4] - The ownership rate of dishwashers in China is only 4 per 100 households, compared to over 70% in developed countries, highlighting a vast untapped market [4] - High profit margins, with companies like Boss Electric reporting a gross margin of approximately 42.6% for their dishwasher business, attract more players to the market [4] Challenges to Growth - The industry faces challenges such as low consumer awareness, high product prices, and complex installation requirements, leading to weak internal growth despite strong policy support [5][10] - The perception of dishwashers as water and electricity-consuming appliances, along with concerns about cleaning effectiveness, hampers consumer adoption [10][12] - The market has seen a decline in the popularity of sink-type dishwashers, dropping from 15% to 7% market share, due to various consumer complaints [9] Recommendations for Industry Players - Manufacturers should focus on addressing consumer pain points, enhancing product functionality, and improving user experience to build brand loyalty [13][15] - There is a need for better consumer education to dispel misconceptions about dishwashers, as over half of consumers remain unaware of their benefits [15] - The integration of dishwashers into new housing designs and the inclusion in government subsidy programs could further stimulate market growth [12][15]

Core Viewpoint - Midea Group's stock price is experiencing slight fluctuations, with a recent decline, while the company is positioned to benefit from policy-driven demand growth in the home appliance sector [1] Group 1: Stock Performance - As of August 15, 2025, Midea Group's stock price is 72.30 yuan, down 0.03 yuan or 0.04% from the previous trading day [1] - The stock opened at 72.33 yuan, reached a high of 72.40 yuan, and a low of 71.81 yuan, with a trading volume of 1.981 billion yuan [1] - The total market capitalization stands at 554.945 billion yuan [1] Group 2: Business Operations - Midea Group's main business encompasses home appliance manufacturing, with diversification into smart buildings, robotics, energy storage, and healthcare [1] - The company's subsidiary, Midea Building Technology, focuses on low-carbon intelligent solutions, providing HVAC, elevator, and energy management services [1] - A recent project at the Citibank Building in Shanghai achieved significant energy efficiency improvements, saving over 3 million yuan in annual energy costs [1] Group 3: Policy and Market Dynamics - The government is enhancing the home appliance trade-in policy, expanding the subsidy categories from 8 to 12, which is expected to further stimulate consumer demand [1] - As a leading player in the industry, Midea Group is likely to benefit from the increased demand driven by these policy changes [1] Group 4: Financial Insights - On August 15, there was a net inflow of 149 million yuan in principal funds, with a cumulative net inflow of 645 million yuan over the past five days, indicating growing investor interest in the company [1]

Core Insights - The retail sales of home appliances are expected to maintain double-digit growth for eight consecutive months from September 2024 to April 2025 [1] - In April, the retail sales of household appliances and audio-visual equipment increased by 38.8% year-on-year, ranking first among 16 categories of consumer goods [1] Group 1: Policy and Market Impact - The Ministry of Commerce has expanded the "old for new" appliance policy, showing continuous positive results [1] - From January to April, over 34 million consumers participated in the appliance replacement program, purchasing more than 51 million units of 12 types of appliances, generating sales of 174.5 billion yuan [1] Group 2: Sales Performance - From January to April, the retail sales of household appliances and audio-visual equipment reached 346.9 billion yuan, a year-on-year increase of 23.9%, exceeding the overall retail sales growth rate by 19.2 percentage points [1] - In key cities, the offline sales growth rates for water purifiers, range hoods, gas stoves, and dishwashers were 45.3%, 42.0%, 40.4%, and 25.0%, respectively [1] Group 3: Waste Management - Over 7 million units of various types of old appliances were properly dismantled from January to April, representing a year-on-year growth of 25% [1]