随着消费者健康意识的日益增强，以及对家居美学需求的不断提升，健康类与嵌入式家电正加速"破圈"，成为市场新宠。国庆首轮销售数据显示，能够高效 去除细菌、病毒等有害物质的台式净饮机销售额同比增长231%；支持分区洗涤、精细护衣的多筒洗衣机，成为洗衣机品类中增长最快的单品；洗地机与扫 地机器人的销售额也分别实现了99%、42%的同比增长。同时，家电与家居一体化趋势凸显，带动嵌入式洗碗机、百吋壁纸电视及集成灶等品类销售快速攀 升，增幅分别达到86%、153%和359%。 以"首"促新，紧抓国庆消费旺季契机，苏宁易购积极推进首店入驻、新品首发、活动首秀，在南昌、无锡、哈尔滨、合肥、杭州、上海、南京等城市加速核 心地标门店落位、焕新，激发实体消费活力。9月27日，Suning Max江西首店在南昌八一广场亮相，开业当日客流突破5万人次，多个品牌销售额超百万元， 经营实现量质齐升，客单价较当地门店平均水平提升20%。9月30日，Suning Max上海五角场店正式开业，累计销售突破7000万元，卡萨帝、老板、联想等 品牌单日销售均超300万元。依托新场景、新业态、新体验，苏宁易购推动门店从购物场所向体验式消费中心转型升级。 ...

Core Insights - The upcoming National Day and Mid-Autumn Festival are expected to drive a surge in demand for home appliances and home decoration, with consumers showing a preference for diverse, personalized, and high-quality products [1] - Suning.com has announced an early launch of its Double 11 promotion, starting on September 30, with a focus on providing significant discounts and a "Super Subsidy" plan for home appliances [1][2] - The integration of the National Day holiday and Double 11 shopping events is anticipated to enhance consumer purchasing flexibility and stimulate home appliance sales during the holiday period [2] Group 1: Consumer Trends - Consumers are increasingly seeking home appliances that offer advanced features such as green technology, smart capabilities, and health benefits, moving beyond basic functionalities [1] - The demand for new smart home appliances is urgent, as indicated by Suning's strategy to combine new functions and experiences in their offerings [1] Group 2: Company Initiatives - Suning.com is collaborating with brand factories to implement the "Super Subsidy" plan, targeting three key demand scenarios: essential needs, upgrades, and home decoration [1][2] - The company plans to enhance the shopping experience by integrating supply chains and innovating in experiential retail, allowing consumers to enjoy discounts earlier [1] Group 3: Market Dynamics - Major brands such as Haier, Midea, and TCL are participating in the promotion, which is expected to drive innovation and high-quality development in the home appliance industry [2] - Suning.com will open new flagship stores during the National Day holiday, featuring expanded product categories and enhanced customer interaction areas [2]

Group 1 - The core theme of the event is "Don't Wait for Double 11," with Su Ning Yi Gou announcing an early start to the Double 11 promotions, beginning on September 30 during the National Day holiday [1] - The company aims to enhance consumer experience by integrating new features and innovative scenarios in smart home appliances, responding to the evolving consumer demand for personalized and high-quality products [2][3] - The Double 11 campaign will last for 44 days, featuring various promotional phases including a "Flash Sale" event with 100,000 discounted home appliances [2] Group 2 - Su Ning Yi Gou has launched the "Super Subsidy" plan for home appliances, offering tiered subsidies of 10%-20% to ensure competitive pricing and meet diverse consumer needs [3] - The company is collaborating with major brands to introduce new products and enhance the penetration of smart home appliances, positioning itself as a leader in the home appliance market [3] - During the National Day holiday, Su Ning Yi Gou will revamp its stores to create immersive shopping experiences, including interactive areas and various consumer engagement activities [4] Group 3 - The company emphasizes leveraging its supply chain and local retail operations to provide a new lifestyle experience, aiming to meet consumer aspirations for quality living [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The modified polypropylene industry is experiencing steady growth driven by demand from the automotive and home appliance sectors. The company has established a wholly-owned subsidiary in Singapore to expand its overseas presence, which will serve as a platform for international trade and customer development [3][4] - The company's revenue and net profit are projected to grow steadily, with net profits expected to reach 1.46 billion, 1.66 billion, and 1.89 billion RMB from 2025 to 2027, corresponding to a P/E ratio of 18.69, 16.39, and 14.43 times respectively [3][9] Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 879 million RMB and a net profit of 73 million RMB, representing year-on-year growth of 26.83% and 23.43% respectively. The second quarter of 2025 saw revenue of 445 million RMB and a net profit of 39 million RMB, with year-on-year growth of 21.96% and 34.76% [8] - The company focuses on modified high polymer materials, with significant revenue growth in modified polypropylene, which increased by 34.38% year-on-year [8] Market Expansion - The company is expanding its overseas operations with the establishment of a subsidiary in Singapore, which will facilitate international market penetration and supply chain management [3][4] Revenue and Profit Forecast - The projected total revenue for 2023 is 1.417 billion RMB, with a year-on-year growth of 26.40%. By 2027, the revenue is expected to reach 2.565 billion RMB, with a growth rate of 14.59% [1][9] - The projected net profit for 2023 is 115.83 million RMB, with a year-on-year growth of 26.81%. By 2027, the net profit is expected to reach 189.09 million RMB, with a growth rate of 13.60% [1][9]

Core Viewpoint - The modified materials sector is experiencing explosive growth, with leading companies like Kingfa Technology, Plit, and Dawn achieving significant stock price increases of 60.62%, 38.33%, and 104.44% respectively, while Nanjing Julong has seen a remarkable 93.11% rise this year, attracting intensive institutional research [1][2]. Group 1: Market Performance - The modified plastics sector has seen substantial stock performance, with companies like Kingfa Technology and Nanjing Julong leading the way [1][2]. - The current market dynamics reflect a strong demand for modified materials, driven by their applications in advanced fields such as robotics and low-altitude economy [1][6]. Group 2: Industry Applications - The lightweight revolution in home appliances and automobiles is pushing modified plastics to the forefront of material upgrades, with significant growth in production and sales [3][4]. - In the home appliance sector, the implementation of the old-for-new policy has led to a 38.8% year-on-year increase in retail sales, with modified plastics being utilized for their antibacterial and environmental properties [3]. - The automotive industry's shift towards lightweight materials is creating new opportunities for modified plastics, with a 10% weight reduction in fuel vehicles improving energy efficiency by 6%-8% [4]. Group 3: Emerging Markets - The rise of humanoid robots and the low-altitude economy is opening new growth avenues for high-performance modified materials, with the humanoid robot market projected to reach 300 billion yuan by 2035 [6][7]. - The demand for modified materials in the drone sector is also expected to grow significantly, with over 317,000 civilian drones shipped in 2023 and a projected annual growth rate of 20% [6]. Group 4: Environmental Considerations - The modified materials industry is entering a transformative phase driven by environmental policies, with regulations mandating the use of recycled materials in products [8][9]. - Companies are adapting to these changes by integrating high-end recycled materials into their production processes, as seen with Kingfa Technology and Plit [8][9].

Investment Rating - The report suggests a positive outlook for the home appliance industry, indicating a strong growth potential driven by domestic demand and favorable policies [7][47]. Core Insights - The 618 home appliance market in 2025 showed robust growth, with major categories experiencing increases in both retail volume and value, particularly in white goods and black goods [2][13]. - The recent US-Vietnam trade agreement is expected to boost sentiment in the Chinese home appliance export chain, providing greater policy certainty for regional export chains [3][21]. - The home appliance sector is transitioning from price-driven competition to a focus on user experience and product value, with significant upgrades in product structures [20][45]. Market Performance Tracking - The overall market is showing a recovery trend, with white goods maintaining stable prices and black goods experiencing significant growth, particularly in the TV market, which saw a 9.7% increase in volume and a 14.5% increase in value during the 618 period [2][13]. - The air conditioning segment demonstrated strong growth, with retail sales increasing over 15% both online and offline, driven by leading brands like Midea, Xiaomi, and Haier [15][20]. - The washing machine market also saw substantial growth, with online and offline retail sales increasing by 17.1% and 12.1% respectively, indicating a shift towards larger capacity and upgraded features [15][20]. Raw Material Price Tracking - Recent trends show a decrease in copper and aluminum prices, with copper down 0.69% and aluminum down 0.23% in the last week, while cold-rolled steel prices increased by 2.58% [29][34]. Exchange Rate and Shipping Price Tracking - As of July 4, 2025, the USD to RMB exchange rate was reported at 7.15, with a slight decrease of 0.01% week-on-week [35][36]. Investment Recommendations - The report highlights three main investment themes: 1) Opportunities in new product forms and industry phases 2) Quality companies with solid fundamentals focusing on robotics 3) Leading companies in the black and white goods sectors [7][47].

Core Insights - The consumption market during the "May Day" holiday saw a significant increase in the replacement of old appliances with new ones, driven by consumer demand for better quality and experience [1][3][4] Group 1: Consumer Behavior - From May 1 to May 5, traffic in Suning's nationwide stores increased by 110% year-on-year, with orders for old-for-new home appliances rising by 57% [1] - Consumers are shifting from "cost-effective" purchases to "quality experience," leading to new trends in the home appliance market characterized by quality, health, intelligence, and scenario-based consumption [1][3] - High-end appliances are increasingly favored, with sales of air conditioners from premium brands like COLMO and Casarte rising by 280% during the holiday [3] Group 2: Sales Performance - Sales of home appliances priced over 10,000 yuan increased by 79%, while sales of washing machines with a capacity of over 12 kg grew by 155% [3] - The sales of smart health appliances, such as air purifiers and clothing care machines, saw year-on-year increases of 131% and 199%, respectively [4] - In county markets, the demand for quality home appliances is rising, with sales in places like Xinhua City increasing by 200% during the holiday [6] Group 3: Product Trends - The trend of integrating home appliances with home aesthetics is gaining traction, with over 90% of sales for built-in refrigerators and washing machines [6] - Consumers are increasingly interested in smart home appliances that enhance convenience and health, with young consumers showing a preference for smart combinations like smart locks, robotic vacuums, and dishwashers [4][6]