Core Insights - The 2025 "Double 11" shopping festival has commenced, with a fierce competition in the home appliance sector, particularly in air conditioning [1] - JD.com reported that Midea's air conditioners achieved the top position during the 52-hour Super Flash Sale event, indicating strong market competitiveness and consumer recognition [1] Industry Overview - The air conditioning market is experiencing intensified competition characterized by homogenization and price wars [1] - Midea's success is attributed to its precise coverage of diverse household usage scenarios, aligning with the demand for quality consumption upgrades [1] Product Highlights - Midea's flagship product, the "No Wind" air conditioner, has gained popularity due to its gentle airflow and mother-baby level purification experience [1] - The "Cool Energy-Saving" air conditioner has sold over 10 million units since its launch, addressing consumer concerns about electricity costs through energy-saving technology [1] Market Trends - The strong performance of Midea's air conditioners during the "Double 11" event reflects the brand's comprehensive strength in technology accumulation and product matrix [1] - Current industry competition has shifted from a focus on performance parameters and pricing to a differentiation strategy based on "refined needs and quality experience" [1]

Core Viewpoint - The introduction of the "10-year free warranty" service for Mijia air conditioners by Xiaomi sets a new standard in the air conditioning industry, benefiting consumers significantly while potentially harming competitors' profit margins [1][3]. Group 1: Service Offering - The "10-year free warranty" service is genuinely free, with no hidden costs, allowing users to avoid any expenses related to repairs [1]. - This warranty covers various types of air conditioning units, including wall-mounted, floor-standing, and central air conditioning systems, emphasizing the long usage cycle and repair difficulty of these products [1]. Group 2: Industry Impact - Xiaomi's move is expected to disrupt the air conditioning industry's profit margins, leading to a decrease in profitability for competitors [3]. - Consumers are likely to express gratitude towards Xiaomi for enhancing service standards in the air conditioning sector [1].

数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 近一年中国空调出口情况统计图 相关报告：智研咨询发布的《2026-2032年中国空调行业市场现状分析及发展前景研判报告》 根据中国海关数据显示：2025年4月中国空调出口数量为751万台，同比增长12.1%，出口金额为11.02亿 美元，同比增长10.8%。 ...

Core Insights - The 138th China Import and Export Fair (Canton Fair) opened on October 15, featuring a record total of 74,600 exhibition booths and over 32,000 participating companies, marking a historical high [1] - The fair highlights the theme of "advanced manufacturing," showcasing a variety of intelligent products and innovations [3][10] Group 1: Exhibition Highlights - The exhibition covers a total area of 520,000 square meters, with over 25,000 booths and approximately 12,000 participating companies, including more than 5,500 high-quality export enterprises [5] - Major brands such as Midea, Gree, and TCL presented new products, indicating strong participation from leading companies [7] - The service robot section attracted significant attention, with various robots being popular among attendees [3][5] Group 2: Innovative Products - Intelligent products showcased include a patrol robot capable of navigating rough terrains and a commercial cleaning robot with a 4 to 6-hour autonomous operation time [3] - Gree's new GMV9 series central air conditioning system can operate in extreme temperatures from -35°C to 60°C, demonstrating adaptability to diverse climate conditions [8] - TCL introduced the small blue wing C7 air conditioner, which optimizes temperature based on user sleep patterns, showcasing innovation in energy efficiency [8] Group 3: Market Trends - The fair reflects the resilience of China's foreign trade, with an increasing proportion of high-tech enterprises participating, indicating strong international market appeal [10][11] - The introduction of a smart medical area in the upcoming third phase of the fair will feature 47 companies, highlighting advancements in the medical technology sector [10]

Investment Rating - The report initiates coverage on Aux Electric with a "Buy" rating and a target price of HKD 17.67, based on an 8x PE for 2025 [5][4]. Core Insights - Aux Electric is the fifth largest air conditioning provider globally and the fourth largest in China, with a market share of 7.1% globally and 7.3% in China for 2024 [1][18]. - The company has a robust presence in over 150 countries, focusing on both domestic and international markets through a dual strategy of ODM and OBM [1][18]. - The report highlights Aux's historical adaptability and strategic positioning, capturing market opportunities across different eras, from cost-effective products in the early 2000s to leveraging e-commerce in the 2010s and expanding globally in the 2020s [1][21]. Summary by Sections Company Overview - Aux Electric entered the air conditioning industry in 1994 and has since developed a multi-brand strategy, including the main brand Aux and sub-brands like ShinFlow, HuaSuan, and Aufit, to cater to various market segments [23][1]. - The company has maintained a strong growth trajectory, with a projected revenue of RMB 29.8 billion in 2024 and a CAGR of 30% in air conditioning sales from 2023 to 2024 [23][18]. Market Outlook - The global air conditioning market is expected to grow from RMB 1.31 trillion in 2024 to RMB 1.53 trillion in 2028, with a CAGR of 4.0% [2]. - Aux is actively expanding in emerging markets, particularly in the Middle East and Southeast Asia, with significant contributions from both ODM and OBM business models [2][18]. Financial Projections - The report forecasts Aux's net profit attributable to shareholders to be RMB 3.167 billion, RMB 3.661 billion, and RMB 4.073 billion for 2025, 2026, and 2027, respectively, with corresponding EPS of RMB 1.99, RMB 2.31, and RMB 2.56 [4][12]. - Revenue from overseas sales is expected to reach RMB 188.9 billion, RMB 234.6 billion, and RMB 281.8 billion from 2025 to 2027, accounting for 54.3%, 58.5%, and 62.6% of total revenue [2][4]. Competitive Positioning - Aux Electric's manufacturing efficiency is highlighted, with a capacity utilization rate of 91.3% compared to the industry average of 74.4% in 2024, which enhances its bargaining power [3][22]. - The company has diversified its customer base, reducing dependency on any single client, with the largest customer accounting for only 6.3% of revenue in Q1 2025 [22][3].

Core Insights - The "Haier Air Conditioning Double 11 Renewal Festival" has officially launched, featuring the release of the new "Lazy New Wind Air Conditioner" by the company, which incorporates AI energy-saving technology and AI human-sensing technology to enhance user experience [1][3]. Group 1: Product Innovation - The new air conditioner addresses common user concerns such as discomfort from direct airflow and forgetting to turn off the unit, promoting a hassle-free experience with the slogan "You just need to turn it on, leave the rest to the air conditioner" [1][3]. - The air conditioner boasts an impressive energy-saving rate of up to 46% through its AI energy-saving solution, contributing to an 82% increase in sales for the company from January to September, marking the largest retail scale in its history [3][4]. Group 2: User-Centric Design - The design of the "Lazy New Wind Air Conditioner" is based on real user needs, similar to previous innovations like the "Lazy Three-Tub Washing Machine" and "Lazy Refrigerator," which were developed to meet specific consumer demands [3][6]. - The air conditioner features AI human-sensing technology developed in collaboration with Shanghai HiSilicon, allowing it to automatically turn off when no one is detected within 60 minutes and adjust airflow direction to avoid direct blowing [3][4]. Group 3: Comfort and Air Quality - The air conditioner includes an AI all-time fresh air function that can deliver a fresh air volume of 60m³/h, along with a four-stage filtration system to ensure clean air [4][6]. - It also incorporates AI intelligent heating and cooling technology, automatically adjusting to comfortable temperatures of 26°C for cooling and 22°C for heating, reducing the need for manual temperature adjustments [4][6].

Core Viewpoint - Haier Air Conditioning is innovating user experience by allowing customers to directly test air conditioning products in a real-life setting, enhancing decision-making for purchases during the Double 11 shopping festival [1][3]. Group 1: User Experience Innovation - Haier's new approach includes a "thousand-person testing event" where users can experience air conditioning features firsthand, moving beyond traditional parameter comparisons [1][3]. - The event showcases Haier's commitment to user experience, with a 31% year-on-year increase in all-channel sales from January to September, surpassing the total net income for 2024 within just nine months [3]. Group 2: Product Features and Technology - The air conditioning units feature advanced AI technology, such as the "Comfort Wind" that adjusts airflow based on user proximity and breathing patterns, ensuring a comfortable experience [4]. - The "Lazy Person Key" on the Leader AI air conditioner automates air quality management and energy-saving functions, potentially saving users 295 kWh of electricity annually, translating to nearly 200 yuan in cost savings [6]. - The Casarte air conditioner offers a unique design with minimal visible air vents, providing a new experience where users feel airflow without seeing the source [8]. - The Haier Warm Sun Pro central air conditioning system is designed to operate efficiently in extreme cold, maintaining heating performance at temperatures as low as -35°C while also being energy efficient [10]. Group 3: Promotional Strategies - During the Double 11 event, Haier is offering multiple incentives, including government subsidies, a 10-year warranty, interactive rewards, and discount coupons, making it easier for users to purchase their products [12]. - The testing event serves as a direct reference for consumers, allowing them to make informed decisions based on personal experience, while also promoting transparency and enhancing user experience in the industry [12].

Core Insights - Haier Air Conditioning launched its "Double 11 Renewal Festival" on October 12, showcasing AI innovations and creating an immersive experience for users to validate the technology [1][10] - The company reported a 31% year-on-year increase in total channel sales from January to September, surpassing its projected annual net revenue for 2024 within just nine months [3] - The event emphasized user experience, transforming laboratory technology into practical solutions for consumers [3][10] Product Innovations - The "Kasa Di Ling Guang Ping" air conditioner features an industry-first flat hidden design, minimizing the visibility of air outlets while maintaining airflow, appealing to users focused on home aesthetics [3][6] - The "Tongshuai AI Lazy New Wind Air Conditioner" addresses common user pain points with a "one-click management" feature that automates five AI functions, saving approximately 295 kWh of electricity annually [4][5] - The "Haier Mai Lang Comfortable Wind Air Conditioner" incorporates "AI Eye" technology to track human presence and adjust airflow accordingly, enhancing user comfort and safety [6][10] - The "Haier Nuan Yang Pro Central Air Conditioning" is designed for extreme cold conditions, maintaining heating efficiency at temperatures as low as -35°C while achieving significant energy savings [8] User Engagement - The "thousand-person testing" initiative allows users to personally experience and validate the air conditioning products, shifting the focus from mere specifications to tangible comfort and safety [10] - The event aims to redefine air conditioning consumption by combining technology, user experience, and consumer rights, emphasizing that good air quality should be a palpable experience rather than just data on a specification sheet [10]

Core Insights - Haier Air Conditioning reported a remarkable performance in the first three quarters of the year, with a 31% year-on-year increase in total channel sales, surpassing the annual net revenue target for 2024 within just nine months [1] - The company initiated its Double 11 campaign early, hosting an offline event in Qingdao that engaged nearly a thousand participants in an immersive AI air quality experience [1] Group 1: Product Innovation - Haier has created an "AI Good Air Arena" that integrates sports elements into the air quality experience, aligning with its partnerships with top European football clubs [3] - The air conditioning products are categorized into four AI matrices: - Haier Air Conditioners focus on "AI Health," utilizing technologies like AI human sensing radar to address health concerns related to direct cold air [3] - Casarte Air Conditioners emphasize "AI Comfort," employing advanced airflow technologies to solve uneven temperature distribution issues [5] - Leader Air Conditioners prioritize "AI Energy Saving," implementing features that enhance energy efficiency and reduce electricity costs [7] - Home Central Air Conditioning acts as a "tactical commander," managing whole-house air solutions effectively [9] Group 2: User Experience and Engagement - The Double 11 campaign transformed the purchasing experience from online parameter viewing to real-life testing, allowing users to physically experience the products [10] - Users can test features such as the "Comfort Wind" of Haier's air conditioners, which adjusts airflow based on proximity, and the "Lazy Mode" of Leader's air conditioners, which simplifies operation [10][11] - The Casarte air conditioner features a hidden outlet design that enhances both visual appeal and airflow comfort [10] Group 3: Promotional Strategies - Haier introduced a "11.11 Renewal Double Subsidy" program, offering a 20% subsidy to lower the cost of upgrading to new products [11] - The subsidies can be combined with product advantages, providing additional savings on electricity costs for users who choose specific models [11] - The innovative combination of technology, user experience, and promotional benefits is expected to redefine consumer standards for air conditioning purchases during the Double 11 event [11]

Core Insights - The article highlights the innovative contributions of Hualing in the air conditioning industry, particularly with its "dual air outlet continuous jet heating air conditioner" technology, which enhances heating efficiency and comfort [1] Group 1: Industry Trends - Extreme weather events have increased, with 18.3% of new air conditioner buyers citing abnormal weather as a reason for purchase, and 9.3% of users replacing old units due to similar reasons [5] - Consumer demand is shifting from mere temperature regulation to a focus on wind comfort, with air conditioning products evolving from passive cooling to intelligent wind control [5] Group 2: Product Features - The Hualing Shenji II Ultra air conditioner utilizes continuous jet heating technology, allowing operation in extreme cold conditions down to -35°C without interruption and maintaining performance at -20°C [7] - It features a large circulation air volume of 830m³/h, ensuring effective heating during harsh winter conditions [7] - The product incorporates a millimeter-wave radar for enhanced user experience, enabling features like wind tracking and energy-saving modes, which improve installation flexibility [8] Group 3: Research and Validation - The technology and performance of the Hualing Shenji II Ultra have been validated by China’s testing laboratories, confirming its heating capabilities and efficiency [10]