Core Viewpoint - The IPO of Aux Electric appears to show high growth in performance, but the cash flow is deteriorating, raising concerns about the quality of growth. The significant increase in sales rebates compared to 2022 may indicate potential channel stuffing to boost performance. Additionally, the high debt level raises questions about the necessity of fundraising after a substantial pre-IPO cash dividend [1] Group 1: Company Performance - Aux Electric, established in 1994, is one of the top five air conditioning providers globally, focusing on high-quality home and central air conditioning design, research, production, sales, and service [2] - Projected revenues for Aux Electric from 2022 to 2024 are 19.528 billion, 24.832 billion, and 29.759 billion RMB, with net profits of 1.442 billion, 2.487 billion, and 2.910 billion RMB, respectively [2] - The net profit margins for the same years are 7.4%, 10.0%, and 9.8%, with a projected global market share of 7.1% in 2024 [2] Group 2: Market Position and Competition - Aux Electric was one of the first home appliance manufacturers in China to adopt e-commerce channels, establishing long-term partnerships with major platforms like JD.com and Tmall [4] - Despite past successes, Aux Electric's online market share has been declining, with its ranking dropping to seventh place in the online air conditioning market by 2024 [4][5] - The online sales revenue share for Aux Electric from 2022 to 2024 fluctuated, with a decline in direct sales mode from 5.6% to 3.5% [5] Group 3: Financial Health and Cash Flow - Aux Electric's accounts receivable increased significantly from 1.428 billion RMB in 2022 to 3.003 billion RMB in 2024, further rising to 4.765 billion RMB in Q1 2025 [10] - The company's cash flow has deteriorated, with operating cash flows reported at 4.004 billion, 4.631 billion, 2.518 billion, and 580 million RMB over the respective years [15] - The asset-liability ratio for Aux Electric is notably high, at 88.3% in 2022, compared to competitors like Midea and Gree, which are around 62.33% and 59.19% [16] Group 4: Dividend and Debt Concerns - Aux Electric's decision to issue a substantial cash dividend of 3.794 billion RMB in 2024, despite a profit of less than 3 billion RMB, raises concerns about the implications of such a move given its high debt levels [17] - The company’s sales rebates to distributors have surged, with a notable increase of 88.3% from 2022 to 2024, indicating potential pressure on sales channels [12]

Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 11.478 billion yuan, a year-on-year increase of 4.68% [4] - The net profit attributable to shareholders was 940 million yuan, a slight decrease of 0.07% year-on-year [4] Group 2: Domestic and International Sales - Domestic sales revenue showed stable growth due to increased resource investment in core categories and the positive impact of the "trade-in" policy [4] - International sales revenue also experienced good growth, with major foreign clients' orders increasing compared to the same period last year [4] Group 3: Product Strategy - The company plans to focus resources on traditional advantageous categories while iterating products based on differentiated usage scenarios and target demographics [4] - New product categories such as desktop water purifiers and ice makers are being actively developed to enhance brand recognition and consumer acceptance [4] Group 4: Competitive Strategy - The company adheres to a long-term strategy of product innovation, aiming to provide high-quality, high-value-added products [4] - Efforts are being made to optimize product and price combinations, strengthen resource investment in core businesses, and implement strict cost control to maintain stable gross margins [5] Group 5: Dividend Policy - The company has maintained a high dividend payout ratio since 2021, with future dividend plans subject to adjustments based on capital expenditures and cash flow [5]

Core Insights - The "cooling economy" is emerging as a new consumer necessity in Europe due to record high temperatures, with Chinese-made cooling products seeing significant sales growth [1] - Air conditioning is becoming more prevalent in European households, with projections indicating a substantial increase in air conditioning units by 2050 [2] - Chinese manufacturers are capitalizing on the demand for cooling products in Europe, with innovative offerings like portable air conditioners gaining popularity [3] Group 1: Market Trends - In July, temperatures in Europe exceeded 40 degrees Celsius, leading to a 77% year-on-year increase in GMV for cooling products from China [1] - The percentage of German households with air conditioning is expected to rise from 3% in 2021 to 19% by 2024, with the EU potentially having 275 million air conditioning units by 2050 [2] - The demand for portable and easy-to-install air conditioning solutions is increasing, with products like Midea's PortaSplit air conditioner seeing a 20-fold increase in Google search volume in Germany [3] Group 2: Product Innovations - Chinese cooling products, including air conditioners, fans, and innovative cooling clothing, are gaining traction in the European market due to their affordability and variety [4] - The semiconductor cooling handheld fan has emerged as a best-seller, with monthly sales reaching approximately 200,000 units, showcasing the ability of Chinese companies to quickly adapt to market trends [5] - Companies are focusing on niche markets, such as portable fans for specific scenarios, to meet diverse consumer needs [6] Group 3: Competitive Landscape - Chinese manufacturers are emphasizing the importance of intellectual property (IP) protection for their products in international markets [7] - The demand for multifunctional products, such as umbrellas with built-in fans, is increasing, reflecting the adaptability of Chinese companies to local market needs [8] - Companies are encouraged to continuously innovate and improve customer service to maintain competitiveness in challenging market conditions [8]

美的集团股份有限公司 关于 2023 年限制性股票激励计划的第二次解除限售期解锁上市流通 的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 证券代码：000333 证券简称：美的集团 公告编号：2025-062 特别提示： 性股票激励计划共三个解除限售期，本次为第二个解除限售期。2023 年限 制性股票的上市日期为 2023 年 7 月 14 日，本次限制性股票解除限售需上市 一、2023 年限制性股票激励计划已履行的决策程序和批准情况 团股份有限公司2023年限制性股票激励计划（草案）》（以下简称"《2023年 限制性股票激励计划（草案）》"）及其摘要。第四届监事会第九次会议对公 司《2023年限制性股票激励计划（草案）》激励对象名单进行了核查。 司2023年限制性股票激励计划（草案）及其摘要的议案》《关于制定〈2023年 限制性股票激励计划实施考核办法〉的议案》《关于提请股东大会授权董事会 办理2023年限制性股票激励计划相关事宜的议案》等2023年限制性股票激励计 划相关议案。本次计划拟授予416名激励对象1,837.5万股限制性股票，占美的 ...

Core Insights - The Chinese smart home market is entering a rapid growth phase, with a projected market size exceeding 1 trillion yuan by 2025 and an annual compound growth rate of 20%-25%, capturing nearly 40% of the global market share [1] - Haier Smart Home has established a significant technological advantage, achieving 13 consecutive years of global leadership in smart home invention patents, indicating a strong first-mover advantage in converting technological superiority into market success [1] - The Haier Smart Home app has over 11 million monthly active users, serving as a core entry point for its Three Wings Bird brand, demonstrating a successful transformation of technological leadership into a high-engagement user service platform [1] User Experience Enhancement - The Three Wings Bird initiative focuses on enhancing user experience through seamless smart scenarios, allowing home appliances to communicate and collaborate, thus providing a proactive service that enhances daily life for its 11 million users [2] - The upgraded V2.0 smart air solution has achieved significant milestones, with initial orders for single-line control screens reaching 12,000 units, while ongoing development of PLC and Bluetooth Mesh solutions aims to provide stable connectivity for core products like smart curtains and switches [2] Home Decoration Innovation - The Three Wings Bird initiative has introduced customized solutions that revolutionize the home decoration experience, reducing the hassle of navigating different brands and channels by presenting complete smart living scenarios in newly opened stores [3] - The latest S3 series whole-house solution has been designed and will be showcased in stores, with over 104 customizable wash cabinet modules available for user selection, supported by professional design tools like BIM for personalized customization [3] Business Growth and Market Position - Data from GfK indicates that by the first half of 2025, Haier Smart Home achieved the top market share both online and offline, with its core products like refrigerators, washing machines, and air conditioners leading in growth rates, reflecting a smooth transition of new and old business drivers [3] - The competition in the smart home sector has evolved into a phase where "technology defines scenarios and ecosystems define value," emphasizing the importance of converting technological advancements into user-perceived scenarios and sustainable services for competitive advantage [3]

Core Viewpoint - Haier's growth in Indonesia is a result of its localized strategy and innovative product offerings, allowing it to capture significant market share despite overall industry decline [1][2][3] Group 1: Market Performance - Indonesia, as Southeast Asia's largest economy, has a population of 271 million, with 66% under the age of 30, presenting a vibrant market for consumer goods [1] - In the first four months, the overall white goods industry in Indonesia declined by 5.9%, while Haier's white goods segment achieved the fastest growth, securing a 12.3% market share as the leading Chinese brand [1] - In the refrigerator sector, where the market declined by 0.7%, Haier Indonesia recorded a 4.2% growth, leading the market [2] - In the home air conditioning sector, which saw a 14.5% decline, Haier Indonesia achieved a 9% growth, further establishing its market leadership [1][2] Group 2: Localization Strategy - Haier's success in Indonesia is attributed to its deep localization strategy, which began with the acquisition of Sanyo's white goods business, transforming its factory into a multi-category manufacturing center with an annual capacity exceeding 2 million units [2] - In April, Haier Indonesia achieved a milestone of producing 10 million home appliances, showcasing its robust local manufacturing capabilities [2] Group 3: Product Innovation - Haier has tailored its products to meet local needs, such as the TM refrigerator that can produce ice in one hour, catering to the high demand for ice in Indonesian households [2] - The company also introduced low-power AI smart air conditioners to address local power limitations and voltage instability, enhancing energy efficiency while maximizing cooling output [2] Group 4: Channel Strategy - Haier's flexible channel strategy includes deep partnerships with local chains like Atlanta to penetrate the mid-to-high-end market [2] - The company has embraced e-commerce by leveraging platforms like Shopee and Lazada, facilitating a synergistic online and offline sales approach that drives rapid growth [2] Group 5: Future Outlook - Haier Indonesia's achievements reflect the strength of Chinese brands in breaking through markets with localized strategies and technological innovations [3] - The company plans to continue focusing on user needs to enhance product competitiveness and explore additional market growth opportunities [3]

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690.SH) with a current price of 26.05 CNY and a target price of 35.54 CNY [1]. Core Views - Haier Smart Home is positioned to benefit from the increasing demand for air conditioning in Europe due to climate change, with the company holding significant market shares in Eastern and Western Europe [5][6]. - The report highlights that the air conditioning penetration rate in Europe is significantly lower than in other major economies, indicating substantial growth potential [5]. - The extreme heat conditions in Europe are expected to further drive the demand for air conditioning, with projections showing a doubling of air conditioning units in the EU by 2050 [5][6]. Summary by Sections Market Performance - The report notes that Haier's air conditioning business is experiencing significant growth, particularly in Eastern Europe where it holds a 34% market share, and 9% in Western Europe, ranking first and second respectively [6]. - The penetration rates for air conditioning in Western and Eastern Europe have increased by 8 and 11 percentage points compared to 2019 [5]. Financial Forecasts - The report projects Haier Smart Home's net profit for 2025 to be 21.5 billion CNY, with a corresponding PE ratio of 11 [7]. - Revenue is expected to grow from 261.43 billion CNY in 2023 to 307.31 billion CNY in 2025, reflecting a growth rate of 7.46% [8]. Competitive Positioning - Haier's competitive advantage in Europe is attributed to its "three-in-one" strategy of localized R&D, manufacturing, and marketing, which has allowed it to adapt products to local needs effectively [6]. - The company has established a strong service network in Russia, with 196 service centers across more than 120 cities [6]. Industry Trends - The report emphasizes that the air conditioning market in Europe is underpenetrated compared to China (97%), the US (92%), and Japan (96%), suggesting a significant opportunity for growth [5][10]. - The International Energy Agency (IEA) predicts that the number of air conditioning units in the EU will increase to 275 million by 2050, more than double the number in 2019 [5].

创维电器股份有限公司是一家主要从事智能冰箱、冷柜、商用柜等智能白色家电产品和数码智控终 端产品研发、生产、销售的大型民营家电企业，其产品已在欧洲、中东、亚太及南美市场建立起稳定的 业务网络。"进入6月以来，全球多地高温天气持续，我们公司的冷柜等产品外销发货量同比飙升90%。 客户订单需求急，我们的产品批次多、数量大，对我们来说物流高效、通关顺畅非常重要。"该公司海 外营销品牌策划师胡正尧表示。 近日，在南京海关所属新生圩海关监管下，创维电器股份有限公司生产的92台冷柜完成验放，搭 乘"南京—上海"的外贸内支线驳船到达上海洋山港后，换乘国际航行船舶出口海外。 "南京港是外贸企业江海中转的重要物流节点，我们通过推进转关全流程无纸化模式100%覆盖，实 现转关单申报后自动审放，提高'水水联运'衔接效率，保障'江海联运'通道顺畅，帮助企业解决赶船期、 抢交货的难题，助力'清凉商品'高效'出海'。"新生圩海关副关长侯玉峰介绍。 为了助力企业抢抓"清凉经济"窗口期，新生圩海关不断完善"关—港—企"联系协调机制，协助港口 进行泊位定制化安排、优化接卸流程，确保船舶到港及时停靠，货物及时装船出运，加快物流运转效 率。同时，该 ...

Investment Rating - The report maintains a positive outlook on the home appliance sector, indicating a "Buy" rating for key companies in the industry [3][4]. Core Insights - The home appliance sector outperformed the CSI 300 index, with the Shenwan home appliance index rising by 1.9% compared to a 1.1% increase in the CSI 300 index [3][4]. - The issuance of 123 billion yuan in ultra-long-term special bonds is expected to support the "old-for-new" consumption policy, with a total of 300 billion yuan allocated for this initiative [9][62]. - Midea Group has become the official sponsor of the 2025 Africa Cup of Nations, indicating a strategic investment in the African market, which is seen as having strong consumer potential [10][11]. Summary by Sections 1. Market Performance - The home appliance sector has shown resilience, with key companies like Yitian Smart (up 25.0%), Ecovacs (up 20.9%), and Roborock (up 9.7%) leading the gains, while Huaxiang Co. (-4.8%) and Hisense Visual (-2.4%) faced declines [3][6]. 2. Industry Dynamics - The issuance of 123 billion yuan in ultra-long-term special bonds aims to bolster consumer spending through the "old-for-new" policy, with 3 billion yuan allocated for this purpose [9][62]. - Midea's partnership with the African Football Confederation marks a significant step in expanding its investment in Africa, with plans for new manufacturing facilities in Egypt [10][11]. 3. Data Observations - In June, the average retail price of white goods increased, with air conditioners seeing a 10.1% rise in retail volume and a 14.6% increase in retail value [28][30]. - The average price of refrigerators rose by 2.7% to 7,137 yuan, despite a 2.4% decline in retail volume [31][34]. - The kitchen appliance segment also saw growth, with range hoods and gas stoves experiencing retail volume increases of 18.4% and 9.9%, respectively [36][37]. 4. Economic Environment - As of July 18, 2025, the exchange rate of the US dollar against the Chinese yuan has decreased by 0.54% since the beginning of the year [39][40]. - The sales area of commercial housing in June 2025 increased by 11.84% year-on-year, indicating a recovery in the real estate market [41][42].

Market Overview - The FTSE China A50 Index components showed strong performance in sectors such as banking, insurance, and liquor, while the consumer electronics sector underperformed [1][6]. Banking Sector - Everbright Bank had a market capitalization of 254.068 billion with a trading volume of 609 million, closing at 4.30, up by 0.03 (+0.70%) [3]. Insurance Sector - China Ping An and China Life Insurance had market capitalizations of 1,039.258 billion and 356.818 billion respectively, with trading volumes of 24.93 billion and 6.12 billion. Their stock prices increased by 0.42 (+1.15%) and 0.03 (+0.36%) [3]. Liquor Industry - Kweichow Moutai, Shanxi Fenjiu, and Wuliangye had market capitalizations of 1,805.156 billion, 220.936 billion, and 480.465 billion respectively. Their trading volumes were 59.85 billion, 25.98 billion, and 30.62 billion, with stock price increases of 5.03 (+2.86%), 20.65 (+1.46%), and 1.13 (+0.92%) [3]. Semiconductor Sector - Northern Huachuang, Cambricon Technologies, and Hygon had market capitalizations of 234.658 billion, 243.739 billion, and 318.365 billion respectively. Their trading volumes were 26.40 billion, 29.85 billion, and 16.55 billion, with stock price changes of +6.59 (+2.07%), -1.03 (-0.75%), and +0.22 (+0.04%) [3]. Oil Industry - Sinopec and PetroChina had market capitalizations of 271.538 billion and 705.647 billion respectively, with trading volumes of 8.53 billion and 6.48 billion. Their stock prices increased by 0.09 (+1.57%) and remained unchanged [3]. Coal Industry - China Shenhua and Shaanxi Coal and Chemical Industry had market capitalizations of 743.083 billion and 185.562 billion respectively, with trading volumes of 7.78 billion and 9.61 billion, with stock price increases of 0.27 (+0.73%) and 0.17 (+0.90%) [3]. Automotive Sector - BYD had a market capitalization of 1,808.349 billion with a trading volume of 44.82 billion, closing at 329.11, up by 1.09 (+0.33%) [3]. Shipping and Port Sector - No specific data provided for this sector in the document [4]. Power Industry - No specific data provided for this sector in the document [4]. Securities Sector - CITIC Securities had a market capitalization of 420.014 billion with a trading volume of 18.87 billion, closing at 28.34, up by 0.09 (+0.32%) [4]. Battery Sector - CATL had a market capitalization of 1,236.485 billion with a trading volume of 59.82 billion, closing at 271.20, up by 5.70 (+2.15%) [4]. Consumer Electronics - Industrial Fulian and Luxshare Precision had market capitalizations of 538.390 billion and 280.871 billion respectively, with trading volumes of 35.27 billion and 53.15 billion, with stock price decreases of -0.39 (-1.42%) and -0.67 (-1.70%) [4]. Home Appliances - Haidilao and Gree Electric Appliances had market capitalizations of 268.195 billion and 241.985 billion respectively, with trading volumes of 10.06 billion and 8.44 billion, with stock price changes of +0.32 (+0.67%) and -0.02 (-0.08%) [4]. Chemical and Pharmaceutical Sector - Hengrui Medicine had a market capitalization of 251.506 billion with a trading volume of 38.81 billion, closing at 47.71, up by 1.35 (+2.91%) [4]. Logistics Sector - SF Holding had a market capitalization of 241.541 billion with a trading volume of 11.63 billion, closing at 46.04, up by 0.76 (+1.68%) [4]. Non-ferrous Metals - Mindray Medical had a market capitalization of 273.187 billion with a trading volume of 25.08 billion, closing at 225.32, up by 8.14 (+3.75%) [4].