Core Viewpoint - New productive forces are becoming a key driver for the transformation and upgrading of China's manufacturing industry, with Jiangxi Aifenda HVAC Technology Co., Ltd. (Aifenda) leading the way in the HVAC sector through intelligent upgrades and the development of new productive forces [1] Group 1: Intelligent Manufacturing - The HVAC industry is entering a new technology-driven era, significantly influenced by the Internet, big data, and artificial intelligence, which are reshaping the industry's landscape [2] - Aifenda has prioritized intelligent upgrades, launching the first intelligent unmanned production line for electric towel racks in the industry as early as 2018, and has established a comprehensive intelligent manufacturing system [2] - Aifenda's production capacity has reached an annual output of 2 million electric towel racks, making it a leading enterprise in the field, with products sold in over 60 countries and regions [2] Group 2: High-Quality Development - By leveraging big data to gain insights into consumer needs, HVAC companies can offer more personalized products and achieve comprehensive intelligent upgrades from design to service, enhancing user experience [3] - Aifenda has obtained a total of 736 national authorized patents, including 87 invention patents, which drive product innovation and industry standards [3] - The company’s IPO review process has resumed, allowing it to leverage capital market strength for further growth and high-quality development [3][4] Group 3: Future Outlook - Aifenda aims to continue its commitment to "intelligent, green, quality" development, using innovative technology to enhance global user experiences with electric towel racks [4]

Investment Rating - The report indicates a mixed investment outlook for the global consumer market, with strong resilience in high and middle-income consumer categories, while low-income consumers face weakened purchasing power [1][2]. Core Insights - The global consumer market shows significant differentiation, with high and middle-income categories demonstrating strong demand resilience, while low-income consumers are struggling [1][2]. - Essential consumer goods outperformed discretionary goods in Q4, driven by high inflation impacting low-income purchasing power, leading to a preference for cost-effective products [1][3]. - The global beauty market is expected to grow at around 4% in 2025, with emerging markets outperforming developed regions [1][12]. Summary by Sections Global Consumer Market Performance - The performance of global consumer goods companies in Q4 shows significant regional disparities, with North America experiencing flat overall demand and Europe outperforming [2]. - Japan's consumption growth is driven by inflation and inbound tourism, while Southeast Asia and India remain active markets [2]. Essential vs. Discretionary Goods - Essential goods performed better than discretionary goods in Q4 due to macroeconomic uncertainties, with leading companies in various sectors likely to show more pronounced performance [3]. Sportswear and Apparel Trends - The global sportswear industry saw strong growth in outdoor sports segments, while the mass apparel market remains competitive [4]. - U.S. holiday shopping season promotions boosted sales, but a slight decline is expected in 2025 due to macro uncertainties [4]. Beauty Market Dynamics - The beauty market varies significantly across regions, with North America facing pressure in mass cosmetics, while high-end fragrances continue to grow [7]. - The Chinese beauty market is facing challenges, with a projected retail sales decline in 2024 [8]. Food and Beverage Industry Outlook - The global food and beverage industry faces challenges from low-income consumer pressures in developed markets and slowing income growth in emerging markets [10]. - North American food demand is under pressure, while beverage demand remains relatively stable [10][11]. Future Projections - The beauty industry is expected to see a 4% growth rate in 2025, with emerging markets like India and Southeast Asia becoming key performance drivers for overseas beauty companies [12]. - The food and beverage sector is likely to experience a decline in revenue expectations but maintain earnings per share (EPS) stability due to effective cost management [10].