J P M O R G A N Asia Pacific Equity Research 26 August 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Home Appliance Sector Attractive valuation, wait for fundamental silver lining China home appliances (homeapp) is one of our most favored sector ...