Group 1: Industry Overview - The global water purifier market is expected to reach $35 billion by 2024, with North America holding approximately 34% market share, followed by Asia-Pacific at 30%, and Europe at 25% [1] - The demand for water purification is shifting from basic drinking water safety to comprehensive home water health solutions [1] - The Chinese water purifier market retail sales reached 11 billion yuan in the first half of 2025, reflecting a 22% increase [2] Group 2: Market Dynamics - The penetration rate in first and second-tier cities in China is around 40%, while the overall penetration is only 23%, indicating significant growth potential compared to 80%-95% in developed markets [2] - Online sales accounted for 55% of the market, with offline sales boosted by national subsidies showing a 52% increase [2] - The market share of mineral water purifiers and integrated heating purifiers is rapidly increasing, driven by heightened health awareness [2] Group 3: Competitive Landscape - The competition is characterized by four main factions: global brands like A.O. Smith dominate the high-end market, while appliance giants like Midea and Haier leverage channel advantages for balanced growth [3] - Xiaomi and Yunmi have increased their combined online market share from 12.9% in 2021 to 15.4% in the first half of 2025 [3] - Domestic brands are gradually replacing foreign brands in market share [3] Group 4: Company Focus - Yunmi Technology - After restructuring, Yunmi Technology is focusing on water purifiers, achieving a revenue of 2.12 billion yuan in 2024, a 29% increase, and a net profit of 62 million yuan [4] - The company is closely tied to Xiaomi, benefiting from its high-end product strategy, with online retail sales of 970 million yuan for Xiaomi and 74 million yuan for Yunmi in the first half of 2025 [4] - The current market valuation of Yunmi Technology at $220 million is considered significantly undervalued, given its cash reserves and fixed assets [4]

招商证券主要观点如下： 四大派系差异化竞争：全球性企业A.O.史密斯等凭借品牌力占据线下高端市场;家电巨头如美的、海尔 等通过渠道优势及场景化销售全渠道均衡发展;专业品牌沁园、安吉尔等深耕行业多年、聚焦垂类场景; 互联网玩家如小米、云米等通过质价比和用户运营切入市场。线上渠道小米+云米合计份额从2021年的 12.9%提升至2025H1的15.4%;线下国牌逐步取代外资份额。 云米科技：重组聚焦净水器扭亏为盈，小米链高弹性自主品牌高成长 重组完成财务改善显著，24年营收达21.2亿元(+29%)、净利润6200万实现扭亏为盈、每股收益同比 +25%。公司深度绑定小米且随其高端化量价齐升，自有品牌国内主推昆仑矿物质健康水贴合用户心 智，25H1小米/云米线上零售额9.7亿元(+35%)/0.74亿元(+20%);海外市场需求旺盛增长迅猛且消费力 高。此外考虑公司账面现金12亿元，加上未算入估值体系内的固定资产超级工厂10亿元，当前市值2.2 亿美元处于严重低估，建议重点关注。 水健康意识提升，全球净水器市场空间广阔 智通财经APP获悉，招商证券发布研报称，基于居民追求健康意识觉醒、产品技术功能迭代，净水器行 业 ...