Core Viewpoint - AI is transitioning from concept to deep industrialization, becoming a key driver for future growth, as emphasized by TCL's founder and chairman, Li Dongsheng, at the 2025 TIC [1] Group 1: Industry Landscape - TCL is shifting resources towards the white goods sector to compete against traditional giants like Midea, Gree, and Haier, as well as internet brands like Xiaomi [1][4] - The white goods market is characterized by a "Matthew effect," where the strong get stronger, making TCL's ambition to enter the top tier more urgent [4][10] Group 2: AI Implementation - TCL aims to utilize AI technology in air conditioners, refrigerators, and washing machines to differentiate itself in a saturated market [1][5] - The company focuses on practical AI applications rather than superficial "smart" features, addressing real user needs and enhancing product relevance [3][4] Group 3: Product Innovations - In air conditioning, TCL employs a "small model + reinforcement learning" approach to significantly reduce energy consumption, achieving a 40% reduction in initial hours and an additional 18% over time [5] - The washing machine addresses the "iron triangle" of speed, cleanliness, and resource efficiency, achieving a 5% reduction in energy consumption and a 10% decrease in wash time [5] - The refrigerator features advanced preservation technology, enhancing food freshness for up to 15 days and improving freezing speed from 58 minutes to 30 minutes [5] Group 4: User Experience - TCL integrates AI voice assistants to simplify user interaction, allowing for natural language control of appliances [6] - The company offers tailored solutions for different scenarios, such as AI sleep mode in air conditioners and AI smart washing features [6] Group 5: Competitive Advantages - TCL benefits from group-level technology and channel reuse, enhancing its competitive edge in the white goods market [7][9] - The company has established a robust service and support network, comparable to that of Midea and Haier, which aids in its brand expansion [9][10] Group 6: Market Strategy - TCL's strategy emphasizes full-chain layout to mitigate market risks, contrasting with competitors reliant on external supply chains [10] - The company has achieved vertical integration, maintaining stable supply and cost advantages amid industry challenges [10] Group 7: Future Goals - TCL aims to rapidly penetrate the mid-to-high-end market, with a focus on promoting its washing and refrigeration products [12] - The company acknowledges challenges such as brand recognition and global market expansion, while committing to original innovation and core technology development [14]

Group 1: Market Strategy and Competition - The company will focus on retail channel construction as the core strategy for 2026, enhancing refined operational management to boost retail channel growth [1] - The implementation of a dual-driven approach in product and marketing aims to optimize product sales structure and improve gross margin [1] - Continuous internal management reform and cost reduction efforts are expected to enhance operational quality and reduce expense ratios [1] Group 2: Product Development and Collaboration - The company is advancing cooperation with Hongmeng Smart Selection to promote new products like smart bath heaters and showers through online and offline channels [1] - Leveraging the ecological resources of the Hongmeng platform will enhance internal operational capabilities in product planning, development, and launch processes [1] Group 3: International Market Expansion - The company has experienced a decline in overseas revenue this year but plans to continue its international strategy with differentiated market approaches [2] - Establishing partnerships with local distributors and expanding offline store layouts in key overseas markets are part of the strategy [2] - The company is also focusing on online sales through major overseas e-commerce platforms and brand collaborations to drive international business growth [2] - Despite a decrease in export revenue to the North American market, there has been significant revenue growth in markets outside North America [2]

加强监管保安全。该局执法人员以辖区内各类商超、批发市场为重点检查对象，对电暖器、暖风机、电 热毯等相关取暖设备全面检查，查验产品是否有合格证、3C认证标识等；检查产品广告宣传中有无使 用绝对化用语、虚标能耗等内容。截至目前，共出动执法人员45人次，检查家电销售经营主体73家，检 查中发现的2条问题已责令市场主体整改。 压实主体责任。该局执法人员要求市场主体做好采暖家用电器的自查工作，把好商品质量关，建立健全 商品进货检查验收、索证索票制度，并督促市场主体提高安全意识，积极排查安全隐患，同时排查是否 销售假冒伪劣产品,确保采暖家用电器消费安全。 寒潮天气来袭，连日来，新疆维吾尔自治区乌苏市市场监管局强化党建引领，积极践行"实干争先"理 念，多措并举，组织执法人员开展冬暖产品暨工业产品质量安全"暖冬守护"专项执法行动，对市场销售 的电热毯、电烤炉、暖手宝的进货来源、强制性产品认证证书、产品合格证明等进行检查，切实保障冬 季取暖消防安全。 立足常态长效。该局坚持问题导向不放松，多措并举加强强制性认证产品监管及相关知识和政策的宣传 解读，通过发放宣传材料、发布冬季家庭用电"五要""五不要"消费提示等方式加强消费引导和 ...

Core Insights - Haier Air Conditioning has achieved the highest dual certifications in the home appliance industry, namely the "User Satisfaction Level Evaluation Five-Star Certification" and the "Market Quality Credit AAA Level Certification," validating its long-term strategy of creating the best user reputation [1] Group 1: User Satisfaction and Management System - Haier Air Conditioning has transformed user feedback into a systematic management process, establishing "creating the best user reputation" as a guiding principle [2] - The management closed-loop includes user cloud platforms, global R&D networks, smart lighthouse factories, and "four comprehensive" star services, ensuring end-to-end coverage from demand insight to service implementation [2] - The results show a service satisfaction rate exceeding 99.9% for three consecutive years, a decline in user complaints, and an increase in profits, demonstrating the conversion of reputation into commercial value [2] Group 2: AI Integration and Process Improvement - The efficient operation of the system is attributed to the deep integration of AI technology across the entire chain, enabling precise identification of user pain points and demand forecasting [4] - AI simulations and smart algorithms have significantly shortened technical validation cycles and accelerated product iterations, with a "User Reputation Committee" established to analyze online evaluations in real-time [4] - The "Smart Home Brain" platform anticipates user needs, such as filter cleaning and material replacement, aiming for proactive service rather than reactive maintenance [4] Group 3: Shift in Competitive Focus - Haier Air Conditioning's practices provide a reference model for systematic operation of user experience, indicating a shift in competition from product functionality to comprehensive user experience design and meticulous management [5] - The achievement of dual certifications signals a new phase in the home appliance industry, where the core competition is moving towards "experience co-win" [5] - Haier plans to continue deepening the integration of AI with user services, optimizing the closed-loop of "creating the best user reputation" to build a more resilient brand moat in an era where trust is increasingly valuable [5]

Core Insights - iRobot, the pioneer of robotic vacuum cleaners, is effectively declaring bankruptcy as it faces significant financial challenges and operational disruptions [5][10]. Financial Situation - iRobot has announced that Santrum, a subsidiary of Shenzhen Santrum Robotics, has acquired the $190.7 million principal and interest owed to The Carlyle Group [1][2]. - As of November 24, 2025, iRobot owes $161.5 million to Picea (Santrum), with $90.9 million already overdue, which could lead to a breach of contract if not remedied within 30 business days [3][4]. - The company's revenue has drastically declined from $1.565 billion in 2021 to an estimated $680 million in 2024, with Q1-Q3 revenues for this year reported at $10.2 million, $12.8 million, and $14.6 million respectively [11][12]. Strategic Review and Operations - iRobot's ongoing strategic review process is unlikely to yield any transactions outside of bankruptcy proceedings, indicating a severe operational standstill [6][8]. - The management's focus has been diverted from core business operations due to the strategic review, impacting resource allocation [9]. Market Position and Competition - iRobot's market share has been rapidly declining, particularly due to increased competition from Chinese brands in the robotic vacuum sector [15][16]. - The company has previously attempted to attract external strategic investors, but a potential acquisition by Amazon was thwarted by antitrust reviews [13][14]. Stock Performance - Following the announcement of its financial situation, iRobot's stock price has seen a significant increase, rising to $4.2 per share, which is double its lowest point [18].

投资者关系活 动类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他（请文字说明其他活动内容） 参与单位名称 及人员 交银施罗德基金：孔祥睿；华创证券：樊翼辰 时间 2025 年 12 月 11 日 地点 公司行政三号会议室 上市公司接待 人员姓名 董事会秘书：杨柳絮 证券事务代表：肖莉 证券事务经理：吕明 投资者关系活 动主要内容介 绍 投资者与公司代表互动交流问答 1.请简要介绍下公司国内冰箱柜产业的经营计划 答：公司冰箱国内市场深度推进"营销转型、用户直达"战 略，围绕"高质量客户运营、全方位用户运营"开展工作，以差 异化创新加速产品结构升级零售转型。产品端全面推动多款 M 鲜 生产品上市，围绕"保鲜最好、品质解冻"的心智种草，强化"美 菱保鲜好"的品牌标签，聚焦大鲸喜、大冻房、小确杏等独特价 值差异化产品推广。市场端以用户为中心，紧抓"上平台、下三 进、评三优、推精品"用户运营工作，强化团队流量运营培训， 持续提升新媒体能力。渠道端坚持高质量运营，夯实存量渠道基 础能力，强化新兴渠道布局，核心大店加速零售转型，注重单品 及存货效率提升，加快强化产业 ...

Core Viewpoint - The CEO of the company, Zhang Junbin, has denied rumors regarding a potential acquisition by Jiuyang, emphasizing the company's commitment to pursuing an IPO in Hong Kong and addressing internal management and competitive challenges [1][2]. Group 1: Acquisition Rumors and IPO Plans - Zhang Junbin refuted the acquisition rumors, stating they are intended to undermine employee morale, and reaffirmed the company's determination to proceed with its IPO plans [2]. - The company has made significant progress in its capital efforts, having secured $100 million in financing led by Tencent and a robotics fund, with a valuation exceeding 10 billion [2]. Group 2: Internal and External Challenges - The company is facing internal challenges, including frequent management changes, with key personnel departures impacting operations [3]. - The competitive landscape for robotic vacuum cleaners is intensifying, with the company holding a 14.7% market share, ranking fourth behind major brands like Ecovacs and Roborock [3]. - The average selling price of robotic vacuums has declined, squeezing profit margins and increasing market concentration, making survival difficult for smaller players [3]. Group 3: Future Strategy - The company aims to focus on "efficient operations" in 2026, avoiding the pitfalls of becoming a "large company" and emphasizing cost-effective management practices [4]. - Zhang Junbin highlighted the need for improved operational awareness and efficiency to navigate the competitive landscape and ensure the success of the IPO process [4].

此前在2024年底，云鲸还被传大规模裁员，当时张峻彬也曾回应称，公司是从1600人"减肥增效"至1400 人，组织效率已显著提升，并非外界传言的"大规模裁员"。 否认收购传闻，上市决心不变 针对"九阳计划收购云鲸"的传言，张峻彬在全员信中直接辟谣，称此类网上谣言"更多是有人有意为 之，动摇军心"。他强调，尽管在公司推进资本化的关键阶段，确实有外部合作方提出"收购""战略投 资"意向，但云鲸"继续高速推进上市的决心不变"，资本市场团队已在为香港上市做最后的冲刺准备。 为稳定员工信心，张峻彬还承诺，"即使真有大事，也会及时与大家沟通"，避免信息差引发内部动荡。 此外，他在信中透露了公司近期的资本化进展——2025年4月，云鲸完成由腾讯与北京机器人产业基金 联合领投的1亿美元融资，目前公司估值已突破百亿；更值得关注的是，员工期权池总规模已超过其个 人股份，以此凸显公司对核心团队的激励与绑定。 内外挑战 管理层变动叠加行业红海竞争 在否认收购传闻的同时，张峻彬也直面公司当前面临的内外压力。内部层面，云鲸今年管理层变动频 繁。有消息称，2025年7月，2021年加入的产品负责人李阳离职，后续选择聚焦AI陪伴机器人赛道创 ...

Group 1: Price Trends in Consumer Goods - The cost of daily necessities such as rice, toiletries, cooking oil, and paper products has increased significantly, with supermarket visits now costing between 300 to 500 yuan compared to just over 200 yuan previously [1] - The price of lunch boxes has risen from 15-16 yuan to 20-25 yuan, indicating a general increase in living costs for consumers [1] Group 2: Real Estate Market - New housing prices have started to decline, with developers offering discounts of 15-20% to boost sales before year-end, following a disappointing sales season [5] - The increase in second-hand housing listings has led to greater negotiation power for buyers, with potential price reductions of 200,000 to 300,000 yuan [5] Group 3: Automotive Market - The automotive market is experiencing a "price drop wave," with domestic and foreign brands reducing prices, particularly electric vehicles seeing reductions of 20,000 to 30,000 yuan and luxury imports by 80,000 to 100,000 yuan [7] - The decline in prices is attributed to year-end sales strategies, rapid technological advancements, and increased competition between fuel and electric vehicles [7] Group 4: Small Appliances - Small appliances such as rice cookers, vacuum cleaners, and juicers are undergoing clearance sales with average price reductions of 15-20% [10] - The clearance promotions are driven by the need for manufacturers to clear inventory and the fast-paced product updates in the small appliance sector [10] Group 5: Pork Prices - Pork prices have decreased significantly from over 30 yuan per jin to 17-18 yuan per jin, representing a drop of over 40% [13] - Factors contributing to the decline include oversupply due to increased pig farming investments, changing consumer preferences towards other meats, and sensitivity to income fluctuations among consumers [13]

Summary of Key Points from Morgan Stanley Consumer & Retail Conference Industry Overview - The conference focused on the consumer and retail sectors, highlighting key themes such as the K-Economy, social commerce, AI adoption, health and wellness trends, and tariff impacts [1][2][9]. Core Themes and Insights 1. **K-Economy Dynamics** - Consumer-facing industries are experiencing a bifurcated economy, with lower-income segments under spending pressure while higher-income cohorts remain resilient. Companies are cautiously optimistic, focusing on branding, product differentiation, and innovation to sustain demand amid a soft macro environment [5][12]. 2. **Social & Agentic Commerce** - Retail brands are leveraging social platforms and AI to transform shopping experiences. Social commerce is accelerating the path from awareness to transaction, with platforms like TikTok Shop playing a significant role. This shift is redefining engagement strategies and reducing reliance on traditional advertising [5][20]. 3. **AI Adoption** - AI adoption in consumer industries is in early stages but expanding rapidly. Companies are using AI for pricing, supply chain automation, and customer service, leading to productivity gains and cost savings. Most companies are still exploring AI use cases without major structural changes [5][24]. 4. **Health, Wellness, & GLP-1s** - Health and wellness trends are reshaping consumer priorities, influenced by medical innovations and lifestyle changes. The rise of GLP-1 drugs is prompting companies to adapt their offerings to cater to health-conscious consumers [5][32]. 5. **Tariffs and Mitigation Strategies** - Tariffs remain a source of uncertainty, but companies are implementing multi-pronged strategies to protect margins, including supply chain diversification and selective price increases. Strong pricing power has allowed many companies to absorb cost pressures with minimal impact on volume [5][39]. Consumer Health Insights - The health of the US consumer is stable overall, with some softness in lower-income segments due to external pressures like government shutdowns and SNAP payment timing. Higher-income spending remains resilient, supporting holiday performance tracking in line with expectations [8][10]. Company-Specific Insights - **Walmart (WM)**: Positioned well for both good and bad economic times, expanding its target audience to higher-income consumers while maintaining strong e-commerce capabilities [13]. - **Coca-Cola (KO)**: Acknowledged a tough consumer backdrop but emphasized strong execution and revenue growth management strategies [14]. - **Kimberly-Clark (KMB)**: Experienced volume and mix growth by offering premium product features at various price points, focusing on innovation to sustain demand [16]. - **Estee Lauder (EL)**: Noted a positive outlook for US consumers, leveraging social commerce to drive traffic and sales [20]. - **Peloton (PTON)**: Aiming to become a total wellness provider, expanding offerings in mental health and nutrition in response to consumer needs [34]. Market Sentiment and Future Outlook - Companies expressed cautious optimism for 2026, anticipating a steadier environment as tariff-driven inflation fades. However, the overall sentiment is more tempered compared to previous years, with many expecting stable demand trends and balanced margin expectations [51][52]. Key Questions Addressed - **Consumer Demand**: 74% of companies expect stable demand over the next 12 months, with only 22% anticipating acceleration [53]. - **Margin Expectations**: Margin outlook is evenly split between tailwinds, balance, and headwinds, contrasting with last year's overwhelmingly positive outlook [57]. - **Technology Investment**: 100% of companies expect technology investment levels to either rise or remain stable in the coming year [61]. This summary encapsulates the key themes and insights from the Morgan Stanley Consumer & Retail Conference, providing a comprehensive overview of the current landscape and future expectations in the consumer sector.