Core Viewpoint - The "6.18" mid-year shopping festival in 2023 faced challenges due to the early promotion period and the suspension of national subsidies, leading to a weaker than expected sales performance [1][2]. Group 1: Sales Performance - The sales during the "6.18" event were impacted by the suspension of national subsidies, with some regions experiencing a significant drop in customer traffic [1]. - In the first three weeks of the "6.18" promotion (from May 12 to June 1), the online sales of color TVs reached 937,000 units, a year-on-year increase of 32.1%, with sales revenue of 3.49 billion yuan, up 34.2% [2]. - Many companies reported that the sales during "6.18" were lackluster, attributing this to the fragmentation of consumer demand due to various promotional activities leading up to the event [2][3]. Group 2: Competitive Landscape - In regions where national subsidies were still available, retailers continued to push for sales aggressively, competing closely with online platforms [3]. - JD.com reported that during the first half of the "6.18" event, its sales of digital products accounted for 69% of the market share among major e-commerce platforms, with significant year-on-year growth across various categories [3]. Group 3: Policy and Future Outlook - The government has allocated 300 billion yuan in special bonds to support the consumption of old-for-new policies, with 162 billion yuan already distributed to localities [4]. - Analysts predict that the high base of consumer electronics sales from the fourth quarter of 2024 may lead to lower growth expectations for the second half of 2025 [4].

Group 1 - The "6.18" shopping festival this year faced challenges due to the early promotion period and the suspension of national subsidies in some regions, leading to a weaker sales push [4][5] - In the first three weeks of the "6.18" promotion (from May 12 to June 1), the online sales of color TVs in China reached 937,000 units, a year-on-year increase of 32.1%, with sales revenue of 3.49 billion yuan, up 34.2% [5] - Many companies did not increase promotional efforts as in previous years, with some reporting average sales performance during the "6.18" event [5][6] Group 2 - In regions where national subsidies were still available, retailers continued to push sales aggressively, competing closely with online platforms [6] - JD.com reported that during the first half of the "6.18" event, it captured 69% of the sales in digital products among major e-commerce platforms, with significant growth in major appliance categories [6] - The government has allocated 3 trillion yuan in special bonds to support the "old-for-new" consumption policy, with 1.62 trillion yuan already distributed to localities [7]

Core Viewpoint - The article discusses the temporary suspension or limitation of national subsidies for old-for-new replacement policies in certain regions and e-commerce platforms, particularly during the peak shopping season of "6.18" [1][2]. Group 1: National Subsidy Adjustments - In regions like Guangdong and Chongqing, the national subsidy for old-for-new replacement has been paused or limited due to factors such as funding supply and government opposition to excessive price competition [1][3]. - The "Yue Huan Xin" program in Foshan has reached its funding limit, with future subsidies scheduled to be released in phases starting August 1 [3][4]. - The Chongqing subsidy for green smart home appliances has also been exhausted, leading to a halt in new applications [4][5]. Group 2: Market Dynamics and Consumer Behavior - The rapid consumption of subsidy funds indicates that the subsidies have effectively stimulated consumer spending, with over 1.1 trillion yuan spent on old-for-new replacements this year [10]. - The competitive pricing among e-commerce platforms has intensified, with some products being sold at prices lower than their production costs due to various subsidies [11]. - The current market pricing structure has become chaotic, with discrepancies between retail and factory prices, leading to concerns about healthy competition in the industry [11][12].

Group 1 - The "618" promotional battle is currently ongoing, but there are reports of the suspension or adjustment of the "national subsidy" for home appliance trade-ins in some regions [1] - In Chongqing, the local commerce committee confirmed the suspension of the trade-in program due to the depletion of previous subsidy funds, which totaled approximately 1.2 billion [1] - In Jiangsu, major e-commerce platforms like JD and Taobao have temporarily halted the availability of subsidies for home appliances and digital devices, indicating that the systems are undergoing upgrades [1] Group 2 - The Jiangsu Provincial Department of Commerce stated that some platforms are undergoing rectification or system upgrades, and after adjustments, consumers will be able to access the subsidies normally [1] - From June 1, Jiangsu has implemented a cap on the national subsidy for both online and offline channels, with the promotional activities set to continue until the end of the year [1]